Standard And Poors Says Housing Prices Fell In 2nd Quarter

Tuesday, August 28th 2007, 8:35 am

By: News On 6

NEW YORK (AP) _ U.S. home prices fell 3.2 percent in the second quarter, the steepest rate of decline since Standard & Poor's began its nationwide housing index in 1987, the group said Tuesday.

The decline in home prices around the nation shows no evidence of a market recovery anytime soon.

MacroMarkets LLC Chief Economist Robert Shiller said the declining residential real estate market ``shows no signs of slowing down.''

The index tracks the price trends among existing single-family homes across the nation compared with a year earlier .

A separate S&P/Case-Shiller index that covers 20 U.S. cities fell 3.5 percent from a year earlier. A 10-city index fell 4.1 percent from a year earlier.