by Calculated Risk on 9/25/2007 09:37:00 AM

From AP: Home Prices Post Biggest Drop in 16 Years

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.

"The further deceleration in prices is still apparent across the majority of regions," MacroMarkets LLC Chief Economist Robert Shiller said in a statement.

Table from the WSJ: Home Prices Tumble, Case-Shiller Index Reports