Demons & Dialog

Exposing hidden news, history, & the new world order

Home prices plunge record 18.2 percent

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Tue Jan 27, 2009 1:07pm EST

By Julie Haviv

NEW YORK (Reuters) – Home prices plunged a record 18.2 percent in November from a year earlier as the country’s housing market remains in the throes of a deep recession, according to an index from Standard & Poor’s.

Prices in 20 metropolitan areas tracked by S&P fell 2.2 percent from October as housing continues to suffer from a huge supply of unsold homes, tighter lending standards and record foreclosures.

The drop in prices on a month-over-month basis was slightly steeper than expectations, based on a Reuters survey of economists.

However, the annual rate of decline for the Standard & Poor’s/Case-Shiller composite index for 20 cities was not as steep as economists had expected.

S&P said its composite index of 10 metropolitan areas also fell 2.2 percent in November from October for a 19.1 percent year-over-year drop, matching the previous month’s record decline….

November home prices plunge record 18.2 percent yr/yr: S&P

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Written by Michael Cooper

January 27, 2009 at 6:30 pm

Posted in Uncategorized

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