NEW YORK - Standard & Poor's is reporting today that itsS&P/Case-Shiller Home Price Indices took another nosediveduring the 3rd quarter, with the group's U.S. Nationalindex down 16.6% compared to 3rd quarter 2007. Thereport also includes 10-city and 20-city composites, which fell18.6% and 17.4%, respectively.
Phoenix was the weakest market, reporting an annual decline ofnearly 32%, followed by Las Vegas at 31.3% and San Franciscodeclining 29.5%. Miami, Los Angeles and San Diego rounded out theworst six markets, with more than 26% in price declines since thistime last year.
"The turmoil in the financial markets is placing furtherdownward pressure on a housing market already weakened by its ownfundamentals," said David Blizter, Chairman of S&P's IndexCommittee. "All three aggregate indices, and 13 of 20 metro areas,are reporting new record rates of decline."
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