The S&P Case-Shiller home price index fell in line with expectations in August as the 20-city composite index posted a decline of 16.6%, extending July's 14.22% decline.

The Case-Shiller index has fallen every month since peaking in July 2006, but economists say the rate of decline may be steadying, as evidenced by the three-month annualized rates.

Economists were expecting the quarterly index to fall 16.6%. The index now stands at 164.6, down slightly from the 165.0 reading expected. July's 166.2 reading was revised up slightly to 166.3.

The three-month annualized rate of decline was 9.25% in the August, compared to the 8.43% rate in July and the 9.90% reading in June.

By Stephen Huebl and edited by Nancy Girgis
©CEP News Ltd. 2008