Industry News

U.S. home-price index falls at record level in Q2

Detroit sees biggest price drop in June index

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An index measuring home-price changes dived at a record level in the second quarter, falling 3.2 percent compared to the same quarter last year. The Standard & Poor's/Case-Shiller U.S. National Home Price Index was also down 0.9 percent compared to the first quarter. And monthly 20-city and 10-city home-price indices also had year-over-year declines in June, according to the report. The S&P/Case-Shiller Composite-10 Index dropped 4.1 percent in June compared to June 2006, while the Composite-20 Index dropped 3.5 percent. The metro areas tracked in the Composite-20 Index include: Atlanta, Boston, Charlotte, Chicago, Cleveland, Dallas, Denver, Detroit, Las Vegas, Los Angeles, Miami, Minneapolis, New York, Phoenix, Portland, San Diego, San Francisco, Seattle, Tampa, and Washington, D.C. All but five metro areas in the 20-city index had year-over-year price declines in June. The home-price index in Detroit dropped 11 percent in June compared to June 2006, while the price index f...