US home prices plunge in record fall

Prices of U.S. single-family homes plunged a record 16.6% in August 2008 from a year earlier and plummeted more than 30 percent in Las Vegas and Phoenix according to Standard & Poor’sthis morning.

Home prices in 20 major metropolitan areas fell

S&P said in a statement its composite index of 10 metropolitan areas declined 1.1 percent in August from July for a 17.7 percent year-over-year drop, also a record.

Reuters have full details of the story at: http://www.reuters.com/article/newsOne/idUSTRE49M5Q320081028

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