Home-price collapse picks up speed

11/26/2008 | CNNMoney

The S&P Case-Shiller Home Price index posted a record decline of 16.6% in the third quarter, outstripping the earlier all-time record of 15.1%, which was hit in the second quarter. An S&P spokesman said market turmoil, coming on top of soaring foreclosure rates, rising unemployment and a broadly deteriorating economy, was putting "further downward pressure" on the housing market.

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