U.S. Home Prices Decline By Record Amount in April

New York–Home prices fell a record 15.3 percent year-on-year in April in 20 of the biggest U.S. cities, according to the Standard & Poor’s/Case-Shiller Index.Prices showed the sharpest yearly decline since the New York-based index began eight years ago, the Financial Times said Tuesday. Prices increased in eight cities, including Chicago and Boston. But overall, prices in the top 20 U.S. cities fell 1.4 percent between March and April.Miami had the most difficult price conditions; prices dropped in the area by 26.7 percent.The Conference Board also announced its latest measure of U.S. consumer confidence on Tuesday. Confidence fell to its lowest level in 16 years–50.4–which was below economists’ expectations.