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Case Shiller Home Price Index Declines by Record Annual Levels in April

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The S&P Case-Shiller home price index continued to deteriorate in April as the 20-city composite index posted a record annual decline of 15.3%. The Case-Shiller index has fallen every month since peaking in July 2006.

The month-to-month decline in home prices was 1.36%, compared to the 2.17% loss in the previous month.

The 10-city composite index fell an annual 16.35%.

The 20-city composite is currently at a level of 169.85, while the 10-city composite is at 183.15.

In April, all 20 metropolitan areas posted annual declines, with seven areas posting losses exceeding 20%. Las Vegas continued to decline by 26.8%, followed by Miami and Phoenix with a drop of 26.7% and 25.9% respectively.

In the previous month, the 20-city composite had fallen by 14.33% year-over-year while the 10-city composite had fallen by 15.27% from the previous year.

By Patrick McGee and edited by Cristina Markham
©CEP News Ltd. 2008

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