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Re-activateHome prices tumbled even further in the last month of 2008, new data from the S&P/Case-Shiller Home Price Indices shows.
The report found that nationwide home prices were down 18.2 percent in the fourth quarter of 2008 compared to the same period in 2007. That's the largest drop in the index's 21-year history.
"Most of the nation appears to remain on a downward path, with all of the 20 metro areas reporting annual declines," David M. Blitzer, chairman of the Index committee at Standard & Poor's.
In terms of price changes from Dec. 2007 to Dec. 2008, the markets hit hardest are:
Homeowners in Denver, Dallas, Cleveland, and Boston fared marginally better--prices fell less than 7 percent in those cities.
The news from the federal agency which regulates Fannie Mae and Freddie Mac wasn't any better. It's quarterly home price report, which relies on data from Fannie Mae and Freddie Mac, also showed steep declines:
The official in charge of the agency said he hoped the White House's recently-announced mortgage rescue plan would show results in future reports.
"Price declines continued in the fourth quarter although not as rapidly as some had expected," said FHFA Director James B. Lockhart. "We are hopeful the housing initiatives announced last week by President Obama will begin to provide much-needed stability to the housing markets."
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