by Calculated Risk on 10/30/2007 11:17:00 AM

The S&P Case-Shiller Home Price index was released this morning for August 2007. The index showed that home price declines accelerated in August, with U.S. prices declining 4.5% over the last 12 months, and at a 8.5% annual rate in August.

	Click on graph for larger image. The first graph shows the S&P Case Shiller home price index since 1987. Prices are now 5.3% below the peak in June 2006.
	The second graph shows the year-over-year change in the Case-Shiller index. Over the last 12 months, U.S. home prices have declined 4.5% according to Case-Shiller.

The largest percentage price declines for the current housing bust will probably happen over the next couple of years.