S&P/Case-Shiller Index Shows Prices Continue Slide
An index that tracks U.S. home prices showed continued weakness in August, the eighth straight month of price declines, USA Today reported October 30, 2007.
Greater Boston showed a 3.6 percent decline in August compared to August 2006.
The S&P/Case-Shiller index tracks 20 metropolitan areas across the nation, and it is designed to track the prices of typical single-family homes. The index reported a 4.4 percent decline in prices, with 15 or the 20 cities showing prices dropping.
Eight of the 20 metropolitan areas in the Case-Shiller index showed their lowest annual returns ever recorded. The report showed drops in Cleveland of 4.1 percent; Las Vegas, 7.6 percent; Miami, 7.8 percent; Minneapolis, 4 percent; Phoenix, 8 percent; San Diego, 8.3 percent; Tampa, 10.1 percent; and Washington, D.C., 7.2 percent.
Tampa surpassed Detroit as the worst performing city. Detroit had a 9.3% drop over last year.
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