US Home Prices Tumble In April At Record Rate

NEW YORK (AP) — Government and private tracking reports show a big nosedive for U.S. home prices.

The widely followed Standard & Poor’s/Case-Shiller home price index shows prices tumbled in April at the fastest rate since the index was begun in 2000. All 20 metropolitan areas surveyed posted annual declines for the first time.

A report from the Office of Federal Housing Enterprise Oversight says U.S. home prices fell 4.6 percent in April from last year’s April peak. That marked the biggest decline ever in the government index, which dates back to January 1991.

While the government report shows nationwide declines, the private index has shown far greater drops. It focuses on larger cities where prices rose further during the boom years, and it includes riskier loans.

The private index finds prices nationwide are at levels not seen since August 2004.