Standard & Poors today said its S&P/Case-Shiller home price index dropped by a record 10.7% in January, its 13th straight month of decline.
Reflecting the impact of the housing slump, a separate report released by the Conference Board showed its index monitoring consumer expectations for the coming six months fell to 47.9 in March from 58 in February, its lowest reading since December 1973.
Declines in the prices of existing single-family homes across the U.S. continued into the new year, with 16 of the 20 reporting (metropolitan areas) posting record low annual declines, of which 10 are in double digits, S&P said in its report.
The steepest year-over-year declines were recorded in Las Vegas and Miami, both down 19.3%; Phoenix, 18.2%; San Diego, 16.7%; Los Angeles, 16.5%; and Detroit, 15.1%. Only one of the 20 markets, Charlotte, N.C., which was up 1.8%, did not show a year-over-year decline. New York and Chicago, the largest and third-largest markets, dropped 5.8% and 6.6%, respectively.