NEW YORK - Standard & Poor's is reporting today that its S&P/Case-Shiller Home Price Indices took another nosedive during the 3^rd quarter, with the group's U.S. National index down 16.6% compared to 3^rd quarter 2007. The report also includes 10-city and 20-city composites, which fell 18.6% and 17.4%, respectively.

Phoenix was the weakest market, reporting an annual decline of nearly 32%, followed by Las Vegas at 31.3% and San Francisco declining 29.5%. Miami, Los Angeles and San Diego rounded out the worst six markets, with more than 26% in price declines since this time last year.

"The turmoil in the financial markets is placing further downward pressure on a housing market already weakened by its own fundamentals," said David Blizter, Chairman of S&P's Index Committee. "All three aggregate indices, and 13 of 20 metro areas, are reporting new record rates of decline."

Home prices are now back to where they were in early 2004, he added.

All 20 metropolitan areas tracked by S&P have lost value. Dallas and Charlotte were the only metro areas to experience less than 5% price declines compared to 3^rd quarter last year.