A widely watched index shows American home prices dropped by the sharpest annual rate on record in January.
The Standard & Poor's/Case-Shiller 20-city housing index released Tuesday tumbled by a record 19 percent from January 2008.
It was the largest decline since the index started in 2000. The 10-city index dropped 19.4 percent, also a new record.
All 20 cities in the report showed monthly and annual price declines. Prices in the 20-city index have plummeted 29 percent from their peak in summer 2006, while the 10-city index has fallen 30 percent. Prices are at levels not seen since late 2003.