Standard & Poor’s housing index fell a record 16.3 percent

All eyes were on the Standard & Poor’s/Case-Shiller 20-city housing index today as it showed house prices taking the fastest nosedive annual rate ever in July, the housing index tumbled a record 16.3 percent in July from the year-ago month.

Since the 20-city index peaked in July 2006 the prices have slumped an almost 20 percent. The 10-city index also took a massive drop of 17.5 percent which is the biggest decline in its 21-year history. Since June 2006 when the 10-city index was at its best it has fallen more than 21 percent.

This is the fourth consecutive month that the annual prices do not increase in any city in the case of the Standard & Poor’s/Case-Shiller 20-city index.

Although these are alarming figures the monthly declines have slowed down, although the Chairman of the index committee at S&P said that there is “no evidence of a bottom”. Property in Las Vegas saw the biggest slide of almost 30 percent, although on a better note Boston, Denver, Minneapolis, Dallas and Atlanta all showed positive or flat returns from June to July and showed increases month-over-month.

Read the full article: NewYorkTimes