Here is the chart that shows the annual returns of the 10-City Composite and the 20-City Composite Indices.
Las Vegas and Miami were the weakest markets with declines of 22.8% and 21.7% respectively during the past 12 months.
If we look at just February, San Francisco, Las Vegas, and Los Angeles were the worst performers with more than 4% declines in just one month.
You can read the whole report on Standard Poor's S/case shiller home price index here.
The S&P Case-Shiller Index is based on observed changes in home prices. It is designed to measure the increases or decreases in the market value of residential real estate.
For each home sale transaction, a search is conducted to find information regarding any previous sale for the same house. If an earlier transaction is found, the two transactions are paired and are considered a “repeat sale.” Sales pairs are designed to yield the price change for the same house, while holding the quality and size of each house constant.
Sales pairs from the following counties are included in the Portland index: Clackamas, Columbia, Multnomah, Washington, Yamhill, Clark (WA), and Skamania (WA).
The first graph shows the year over year changes for the month of February 2008. The index consists of 20 cities and Charlotte is the only city showing price appreciation. Click on any of the graphs for a better image.
This is how the media is reporting the news
Reuters
Home prices extend slump: S&P index
NEW YORK (Reuters) - Prices of existing U.S. single-family homes extended their slump in February, with 17 of the 20 measured regions posting record annual declines, according to the Standard & Poor’s/Case Shiller home price index on Tuesday.
The composite month-over-month index of 20 metropolitan areas fell 2.6 percent to 175.94 in February from January, for an annual drop of 12.7 percent.
The pace of the monthly drop accelerated in February, with the 20-city index sliding 2.4 percent and the 10-city index falling 2.3 percent in January.
“There is no sign of a bottom in the numbers,” David Blitzer, chairman of the index committee at S&P, said in a press release.
The New York Times
Home Prices Down 12.7% in February
NEW YORK (AP) — A closely watched index shows that U.S. home prices fell by 12.7 percent in February versus last year, with 17 of the 20 metro areas reporting record annual declines.
CNBC
Home Prices Tumble Again; ‘No Sign of a Bottom’
Prices of existing US single-family homes extended their slump in February, with 17 of the 20 measured regions posting record annual declines, according to the Standard & Poor’s/Case Shiller home price index Tuesday.
CNN Money
Housing prices post record declines
NEW YORK (CNNMoney.com) — Home prices posted another record decline, as most of the nation’s largest markets suffered double-digit drops over last year, a survey released Tuesday shows.
The S&P Case/Shiller Home Price Index, which tracks 20 of the largest housing markets, showed prices plummeting by 12.7% in the 12 months ending February. That’s the biggest fall since the index began tracking prices in 2000.
Prices in the Las Vegas metro area have plunged more than any other city, down 22.8% over the 12 months through February. Miami prices plummeted 21.7%. In Phoenix, they’ve fallen 20.8%.
Of the 20 cities Case/Shiller tracks, only Charlotte, N.C. showed higher prices, up 1.5% over the 12-month period.
Los Angeles Times
Home price drop deepens in February
Prices of existing U.S. single-family homes extended their slump in February, with 17 of the 20 measured regions posting record annual declines, according to the Standard & Poor’s/Case Shiller home price index.
The price slide adds to the pile of evidence that the housing market slump, seen as one of the worst in a century, worsened in the first quarter.
“Sellers are just slashing their prices to move their mountains of unmoved inventories,” said Mark Zandi, chief economist at Moody’s Economy.com in West Chester, Penn.
The pace of the monthly drop accelerated in February, following January’s slides of 2.4% in the 20-city index and 2.3% in the 10-city index.