Home prices see record drop in 4th quarter

Prices of existing single-family
homes nationwide showed record declines last year, according to
S&P/Case-Shiller Home Price Indices. The December report, released today, shows that in the
fourth quarter, home prices fell 18.2 percent compared to the same period in 2007, the largest drop in the past 21 years. Since the data does not include condo or
co-op units, the report primarily reflects home prices in the outer
boroughs,
Westchester County, Connecticut and New Jersey. In New York, the report found, home
prices were down 9.2 percent in the fourth quarter compared to the
prior year. And between November and December 2008, prices fell 1.7 percent. TRD

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