U.S. home prices in 20 major cities declined 12.7% in February 2008 on a year-over-year basis -- a record -- according to the Standard & Poor's Case-Shiller Home Price Index (pdf), released Tuesday. Meanwhile, the 10-city composite set yet another new record, as well, with an annual decline of 13.6%.
Las Vegas and Miami continue to hold the dubious distinction of being the weakest markets in the nation over the past 12 months, reporting double-digit annual declines of 22.8% and 21.7%, respectively, followed by Phoenix with a 20.8% decline.
Widespread price declines
For February 2008, markets in the West declined the most, with San Francisco, Las Vegas, and Los Angeles being the worst performers, with depreciation rates of more than 4% each. Charlotte is the only market with a positive return over the last 12 months, rising a scant 1.5%.
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