Home prices fell at record pace in first quarter: S&P
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Tue, 27 May 2008 13:03:00 GMT |
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NEW YORK (Reuters) - Prices of U.S. single-family homes plunged a record 14.1 percent in the first quarter from a year earlier, marking a pace five times faster than the last housing recession, according to the Standard & Poor's/Case Shiller national home price index reported on Tuesday.The S&P/Case Shiller composite index of 20 metropolitan areas fell 2.2 percent in March from February and plummeted 14.4 percent from March 2007.Economists expected prices for the 20-city index to fall 2.0 percent on month and 14.0 percent from a year earlier, according to a median in a Reuters survey.S&P said its composite index of 10 metropolitan areas declined 2.4 percent in March, for a 15.3 percent year-over-year drop.(Reporting by Al Yoon; Editing by Tom Hals) (c) Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.
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