Home Prices Show Record Drop -- Again
UPDATED WITH WASHINGTON HOME PRICES:
Home prices plunged by the deepest annual rate on record in November, according to the Standard & Poor's/Case-Shiller 20-city housing index, a closely watched metric of housing value, released moments ago.
The index dropped 18.2 percent in November, compared to November 2007, the sharpest drop since the index was born in 2000. It is the most recent record drop in the index.
Housing prices in the Washington area are down 19.4 percent from November 2007, the index reports.
Dallas had the least year-over-year loss -- 3.3 percent -- while Phonex had the most -- a whopping 32.9 percent.
Housing prices peaked in July 2006 and are at their lowest levels since 2004, according to the index, and have been showing year-over-year declines for the past 23 months.
Each of the 20 cities recorded a year-over-year drop in November.
Housing starts are down 75 percent from their January 2006 peak.
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