Home Prices Experience Record Drop
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- MortgageLoan.com | July 30, 2008
Home prices for the month of May dropped a record 15.8 percent over the same period last year, Standard & Poor's / Case-Shiller 20 city index revealed on Tuesday.
The housing index shows the drop in home prices as the steepest since indexing records began in 2000.
Each of the 20 metro areas covered by the index posted annual declines with Las Vegas recording the steepest at 28.4 percent for the month of May.
The monthly indices have not recorded an overall home price increase in any month since August 2006.
The fall in home prices is further exasperated by mounting mortgage defaults, foreclosures and stringent loan rules that make it more difficult for prospective buyers to get financing.
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