U.S. home prices dropped sharply in February, according to the Standard & Poor's/Case-Shiller index. The report showed home prices in 20 major cities tumbled by 18.6% from February 2008. That was slightly better than January's 19% and the first time since January 2007 the index didn't set a record.
All 20 cities in the report showed monthly and annual price declines, but half recorded annual records. Prices fell by more than 10% in 15 cities, including Las Vegas, San Francisco, and Phoenix. Yet, nine of the metros — including Dallas, Denver, and Boston — showed improvement in their yearly losses compared to the month before.
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