Industry NewsMarkets & Economy

Metros see record price declines

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A home-price index that tracks 20 metropolitan areas showed record annual declines in August, with prices down 16.6 percent from a year ago.Every city tracked by the Standard & Poor's/Case-Shiller 20-city Composite Home Price Index saw annual price declines in August, and 13 saw those declines worsen from July. That helped push the index past the previous record 16.3 percent decline in July.Phoenix and Las Vegas both saw annual declines exceeding 30 percent, while prices fell more than 25 percent in Miami, San Francisco, Los Angeles and San Diego, Standard & Poor's said.Among the cities tracked in the index, Dallas and Charlotte saw the smallest annual price declines, with Dallas down 2.7 percent from a year ago and Charlotte down 2.8 percent.Comparing August to July, two markets -- Cleveland and Boston -- saw home prices appreciate. Boston, which registered 0.1 percent appreciation in August, has been in positive territory for five consecutive months, but prices have slipped 4...