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AP reports acceleration in home price drops

See NY Times, Wednesday, Dec. 1, 2010, pg B11.

The Standard & Poor’s Case-Schiller 20-city home price index released 11/30/10 fell 0.7% September 2010 compared to August. 18 of 20 cities reported declines. Cleveland was the worst with a 3% decline.

Annualized, the rate of decline would seem to approach over 8.4%.

The Case-Schiller home price index is 28.6% off of its July 2006 peak.

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