Home Prices Post Biggest Drop in 16 Years

According to a housing index released Tuesday by Standard & Poor’s, home prices in the U.S. fell for a 17th straight month.

During April, the S&P/Case-Shiller index that covers 10 U.S. cities fell 2.7 percent from year-ago levels, making it the steepest decline since 1991.

Their related 20-city index showed a 2.1 percent drop in the price for sales of existing single-family homes, with 14 of them reporting prices had dropped or remained flat compared to 2006.

“No region is immune to the weakening price returns,” MacroMarkets Chief Economist Robert Shiller said in a statement.

The greatest year-over-year declines were felt in Boston, Detroit, Phoenix, San Diego and Washington, D.C..

Though the housing slump has been a nationwide epidemic, a few regions posted year-over-year housing price gains including Charlotte, N.C., Seattle, WA and Portland, Ore.

And four cities reported price increases in April from March, including Atlanta, Boston, Dallas and Denver.

The housing slump continues…

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