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Amount the S&P/Case-Shiller U.S. National Home Price Index, released earlier today, dropped in the fourth quarter of 2008 from the same period in 2007. The plunge is a record in the 21-year history of the index, and according to Standard & Poor's, home prices are at their lowest level since the third quarter of 2003. The index covers prices for about seven in 10 homes sold in this country.
"The broad downturn in the residential real-estate market continues. There are very few, if any, pockets of turnaround that one can see in the data. Most of the nation appears to remain on a downward path, with all of the 20 metro areas reporting annual declines," said David M. Blitzer, chairman of the index committee at Standard & Poor's, in a release.
Essential information: Our expert advice can help you stay afloat in this brutal housing market.
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