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Home prices in the United States fell by the sharpest annual rate on record in January, and the pace continues to accelerate, although there were a handful of battered metro areas where price declines slowed, according to the Standard & Poor's/Case-Shiller index. The index showed that home prices in 20 major cities tumbled by a record 19% from January 2008. It was the largest decline since the index started in 2000. The 10-city index dropped 19.4%, also a new record.
All 20 cities in the report showed monthly and annual price declines, with 13 posting new annual records. Prices dropped by more than 10 percent in 14 cities. Faring better were Dallas, Denver, and Cleveland, with annual price declines of around 5%.
"There are very few bright spots that one can see in the data," David Blitzer, chairman of S&P's index committee, said in a statement. "Most of the nation appears to remain on a downward path."
In the Cleveland, Los Angeles, Las Vegas, and Washington D.C. metro areas, annual price declines eased somewhat. Meanwhile, six cities, including Minneapolis, Charlotte, Seattle, and New York, showed smaller price declines in January compared with December.
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