NEW YORK (AP) -- The decline in U.S. home prices accelerated nationwide in July, posting the steepest drop in 16 years, according to the S&P/Case-Shiller home price index released Tuesday.
Home prices have fallen by more every month since the beginning of the year. An index of 10 U.S. cities fell 4.5 percent in July from a year ago. That was the biggest drop since July 1991.
S&P Index Committee Chairman David Blitzer said the severe declines may be done by the end of the year. "Maybe the first stage is steep declines, and we're just about done with those," he said. "The second stage is not much gain, not much loss.
That’s right Committee Chairman. Maybe.