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by CareyBot

A U.S. home-price index based on repeat sales of resale homes dropped a record 18.2 percent year-over-year in the fourth-quarter, while a separate monthly index tracking 20 U.S. metro areas plummeted a record 18.5 percent year-over-year in December 2008. The price drops were the most severe in the 21-year history of the Standard & Poor's/Case-Shiller index data. "The broad downturn in the residential real estate market continues," said David M. Blitzer, chairman of the S&P index committee, in a statement. "There are very few, if any, pockets of turnaround that one can see in the data. Most of the nation appears to remain on a downward path, with all of the 20 metro areas reporting annual declines, and eight of those (metro areas) now with negative rates exc...