US Home Price Drops Set Records In January

By: Associated Press
By: Associated Press

Home prices sank by the sharpest annual rate on record in January, but data released today show there were a handful of metro areas -- including Denver -- where price drops weren't as drastic.

The Standard & Poor's/Case-Shiller index of home prices in 20 major cities tumbled by a record 19 percent from January 2008. It was the largest decline since the index started in 2000.

The 10-city index also dropped -- by 19.4 percent, 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 Denver, Dallas and Cleveland, with annual price declines of around 5 percent.

In the Cleveland, Los Angeles, Las Vegas and Washington D.C. metro areas -- all ravaged by foreclosures -- annual price declines eased somewhat.

Meanwhile, six cities, including Minneapolis, Charlotte, Seattle and New York, showed smaller price declines in January compared with December.

Copyright 2009 by The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.

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