January S&P Case Schiller Home Price Index Declines More than Expected

The Standard&Poor’s/Case-Shiller 20-city Composite for January, released Tuesday, showed continued weakness in home prices, as the housing slump continued to deepen nationwide. The Index showed a 19.0% year-over-year decline, which was slightly worse than the 18.6% drop that was expected.

All 20 cities posted deteriorating home values, with 13 recording record rates of decline on Y/Y basis. The three worst performing cities, in terms of annual declines, were Phoenix, down 35%; Las Vegas, down 32.5%; and San Francisco, down 32.4%. Dallas, Denver and Cleveland fared the best in terms of annual declines, down 4.9%, 5.1% and 5.2%, respectively.

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