From the AP:
The decline in U.S. home prices accelerated nationwide in July, posting the steepest drop in 16 years, according to the S&P/Case-Shiller home price index released Tuesday.
Home prices have fallen by more every month since the beginning of the year.
An index of 10 U.S. cities fell 4.5 percent in July from a year ago. That was the biggest drop since July 1991.
“The further deceleration in prices is still apparent across the majority of regions,” MacroMarkets LLC Chief Economist Robert Shiller said in a statement.
Prices of existing U.S. single-family homes across 20 major U.S. metropolitan areas extended their declines in July, according to the Standard & Poor’s/Case Shiller national home price index on Tuesday.
The composite month-over-month index of 20 metropolitan areas fell 0.4 percent in July from June, bringing the measure down 3.9 percent from a year earlier.
S&P said its composite month-over-month index of 10 metropolitan areas declined 0.6 percent in July to 215.94, for a 4.5 percent year-over-year drop.
U.S. sales of existing homes fell 4.3% to a seasonally adjusted annual rate of 5.50 million in August, the lowest since August 2002, the National Association of Realtors reported Tuesday. Sales in August were down 12.8% compared with August 2006. Economists surveyed by MarketWatch were expecting sales in August to fall to a 5.49 million pace. Inventories of unsold homes on the market rose by 0.4% to 4.58 million, representing a 10-month supply at the August sales rate. For single-family homes alone, the inventory represents a 9.8-month supply, the most since May 1989. The median sales price was $224,500, up 0.2% since August 2006. Single-family median prices were unchanged year-over-year at $223,900.