Tuesday, February 26, 2008
NEW YORK (AP) — A closely watched study shows U.S. home prices falling 8.9 percent in the fourth quarter of 2007. That marks the largest drop in the index's 20-year history and a full year of declining values. The Standard & Poor's/Case Shiller home price indices reflect year-over-year declines in 17 metropolitan areas with double-digit declines in eight of them. Index architect Robert J. Shiller said "wherever you look things look bleak." The quarterly index tracks prices of existing-family homes nationwide compared with a year earlier.