Home prices in 20 major U.S. metro areas have plunged a record 10.7% in the past year as prices continued to decelerate, Standard & Poor's said Tuesday.
The 20-city Case-Shiller home price index fell a record 2.4% from December to January, the 18th consecutive decline in prices. For 10 major cities, prices fell 2.3% in January and 11.4% for the past 12 months.
"No markets seem to be completely immune from the housing crisis,' said David Blitzer, chairman of the index committee at S&P.
Of the 20 cities, only Charlotte, N.C., has managed any gains in the past year, rising a meager 1.8%. For the fifth straight month, all 20 cities recorded lower prices compared with the previous month.
Home prices in 10 of the 20 cities have fallen at double-digit rates in the past year.
In a separate report, the Conference Board said consumer confidence plunged in March to the lowest level since the start of the Iraq War, while consumers' expectations about the economy over the next six months fell to the lowest level in 35 years. See full story.
The 20-city Case-Shiller home price index fell a record 2.4% from December to January, the 18th consecutive decline in prices. For 10 major cities, prices fell 2.3% in January and 11.4% for the past 12 months.
"No markets seem to be completely immune from the housing crisis,' said David Blitzer, chairman of the index committee at S&P.
Of the 20 cities, only Charlotte, N.C., has managed any gains in the past year, rising a meager 1.8%. For the fifth straight month, all 20 cities recorded lower prices compared with the previous month.
Home prices in 10 of the 20 cities have fallen at double-digit rates in the past year.
In a separate report, the Conference Board said consumer confidence plunged in March to the lowest level since the start of the Iraq War, while consumers' expectations about the economy over the next six months fell to the lowest level in 35 years. See full story.
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