NEW YORK (AP) - A closely watched index shows home prices dropped by the sharpest annual rate on record in November.
The Standard & Poor's/Case-Shiller 20-city housing index released Tuesday tumbled by a record 18.2% from November 2007, the largest decline since its inception in 2000. The 10-city index dropped 19.1%, tied with October for the biggest drop in its 21-year history.
Both indices have recorded year-over-year declines for 23 straight months. Prices are at levels not seen since February 2004.
Prices in the 20-city index have plummeted 25.1% from their peak in July 2006. The 10-city index has fallen 26.6% since its peak in June 2006.
All 20 cities recorded year-over-year declines in November.
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