Index reports record home price decline

WASHINGTON, Aug. 26 (UPI) -- A closely watched gauge of U.S. home prices Tuesday reported a record price drop in June but the declines were seen to be moderating.

The S&P/Case-Shiller home-price indexes report, released in Washington, listed a record 15.4-percent decline in overall home prices in the second quarter from a year earlier, worse than the 14.2-percent drop posted in the first quarter, The Wall Street Journal said.

In a second index, prices in 20 major metropolitan areas fell by 15.9 percent from the previous June. However, nine of the 20 regions avoided price declines in June over May, led by a 1.5-percent rise in Denver and 1.2-percent growth in Boston.

David Blitzer, chairman of Standard & Poor's index committee, said there is no national turnaround in residential real estate prices but there are signs of moderation in price declines.