S&P/Case-Shiller Index Shows Home Prices Fell 11.4 Percent

New York–Single-family home prices were down 11.4 percent in January from a year ago in 10 major metropolitan areas, according to the S&P/Case-Shiller home-price indexes released Tuesday by New York-based Standard & Poor’s.The overall 20-city composite index dropped 10.7 percent from 2007 in January, The Wall Street Journal reports.Home prices in Miami and Las Vegas showed the largest decline, dropping 19.3 percent in January from the year before. Phoenix posted an 18.2 percent drop and Washington and Minneapolis fell 10.9 percent and 10 percent. Separately, the Office of Federal Housing Enterprise Oversight said Tuesday that home prices dropped 3 percent in January from January 2007. Home prices fell 1.1 percent from December to January. New England showed the most severe declines.