Home prices declined at a record pace around the nation in the final three months of 2008, according to an industry report released Tuesday.
The S&P Case-Shiller National Home Price Index reported that prices sank a record 18.2% during the last three months of 2008, compared with the same period in 2007.
Case-Shiller’s index of 20 major metropolitan areas fell 18.5%, also a record.
“The broad downturn in the residential real estate market continues,” said David Blitzer, chairman of the Index Committee at Standard & Poor’s, in a statement. “There are very few, if any, pockets of turnaround that one can see in the data.”
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