Home prices extend record slide in April: S
Home prices extended their record slide in April, with every top metropolitan area now posting annual losses and many showing double-digit declines, according to the Standard & Poor’s/Case Shiller home price index report on Tuesday.
However, the monthly pace of the decline showed some moderation.
The S&P/Case Shiller composite index of 20 metro areas fell 1.4 percent in April from March and slumped by a record 15.3 percent over the year.
Bigger declines of 2.0 percent in the month and 15.9 percent from April 2007 had been expected for the 20-city index, according to the median forecast of economists polled by Reuters.
The 20-city month-over-month decline was the smallest drop since the August-September 2007 period payday loan.
S&P said its composite index of 10 metro areas slid 1.6 percent in April for a record 16.3 percent annual drop.
Home prices in a dozen of the metro areas have fallen for eight straight months.
“If there is anywhere to look for possible improvement, it would be that the pace of monthly declines has slowed down for most of the markets,” David Blitzer, chairman of the Index Committee at S&P, said in a statement.
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