Home Prices Experience Biggest Annual Decline in 21 Years

The S&P/Case-Shiller U.S. National Home Price Index plunged 18.2% during the final quarter of 2008, the biggest annual decline in the closely watched index's 21-year history. Separately, for the month of December alone the Case-Shiller 20-City Composite Index fell 18.5% compared with the previous December, also a record decline.

The seven worst performing cities in terms of year-over-year declines continue to be from the Sunbelt, reporting negative returns in excess of 20%. Phoenix was down 34.0%, Las Vegas reported -33.0% and San Francisco fell 31.2%. Denver, Dallas, Cleveland and Boston faired the best in terms of annual declines down 4.0%, 4.3%, 6.1% and 7.0%, respectively.

Metropolitan Area Home Price Index 1-year change (%)

· Atlanta, GA: -12.1% 

· Boston, MA: -7.0%

· Charlotte, NC: -7.2%

· Chicago, IL: -14.3%

· Cleveland, OH: -6.1%

· Dallas, TX: -4.3%

· Denver, CO: -4.0%

· Detroit, MI: -21.7%

· Las Vegas, NV: -33.0%

· Los Angeles, CA: -26.4%

· Miami, FL: -28.8%

· Minneapolis, MN: -18.4%

· New York, NY: -9.2%

· Phoenix, AZ: -34.0%

· Portland, OR: -13.1%

· San Diego, CA: -24.8%

· San Francisco, CA: -31.2%

· Seattle, WA: -13.4%

· Tampa, FL: -22.0%

· Washington, DC: -19.2%

Source: Standard & Poor's and Fiserv
Data through December 2008

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