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WASHINGTON (MarketWatch) -- The decline in U.S. home prices quickened in February, with prices down a record 12.7% in the past year for 20 key cities, according to the Case-Shiller home price index released Tuesday by Standard & Poor's.
In February, prices were down 2.6% compared with January for 20 key cities, with prices in the smaller 10-city index off 2.8%. That's the fastest monthly price decline in the history of the index. The pace of decline has accelerated for nine consecutive months.
The 10-city index has fallen a record 13.6% in the past year.
"There is no sign of a bottom in the numbers," said David M. Blitzer, chairman of the index committee at Standard & Poor's.
Prices in 19 of the 20 cities have fallen over the past year, with prices in all 20 cities falling month-to-month for six straight months.
"House prices in big cities are in a freefall," wrote Patrick Newport, an economist for Global Insight.
"We think it very likely that the plunge in home prices is a key driver of the collapse in consumers' confidence," wrote Ian Shepherdson, chief U.S. economist for High Frequency Economics. In a separate report the Conference Board said its consumer confidence index fell to 62.3 in April, the lowest in five years.
See full story.The biggest year-over-year declines were in Las Vegas and Miami, with declines of more than 20% in the past year. Prices in Charlotte, N.C., are up 1.5% compared with a year ago.
In February, prices fell the most in the West, with prices in San Francisco, Las Vegas, Los Angeles and Phoenix down more than 4%.
HOUSE PRICES PLUNGING EVERYWHERE, BUT ARE UP 1% IN CHARLOTTE, N.C!!!!
RBC's key U.S. banking fanchise is in North Carolina!!! So RY not going to be hurt like other U.S. banks!
$5B write-down...Please....
No way RBC management would come up to defend itself against an analyst slander (so she could make a name for herself like Meredith Whitney did - its a jealous thing) if they were not 100% confident. Remember, Citigroup didn't officially defend itself when it was attacked bcause they knew Meredith had it right.