housing prices in April 2008

Consumer glumness is being fueled by an acceleration of home-price declines. Prices of single-family homes in 20 major cities dropped by 15.3% in April from the year before and are now back to 2004 levels, according to the Case-Shiller home price index released by Standard & Poor's. The Office of Federal Housing Enterprise Oversight, which oversees Fannie Mae and Freddie Mac and tracks prices of homes purchased with their mortgages, said home prices were down 4.6% in April from the previous year, the lowest level since its tracking began in 1991. The S&P/Case-Shiller index shows larger price declines in part because it tracks metropolitan areas where prices are more sensitive than in rural locations. Ofheo, on the other hand, may understate the weakness because it tracks only so-called agency-backed mortgages, which exclude homes purchased with subprime loans. Both surveys show that price declines vary sharply by region. Las Vegas and Miami continue to have the largest one-year drops, of 26.8% and 26.7% respectively. Los Angeles, San Diego, San Francisco and Tampa, Fla., have also seen declines of more than 20%, according to the S&P/Case-Shiller data. Other regions are faring better. In eight areas -- including Boston, Dallas, Denver, Portland, Ore., and Seattle -- prices either rose or stabilized in April from the month before. "If there is anywhere to look for possible improvement, it would be that the pace of monthly declines has slowed down for most of the markets," said David M. Blitzer, chairman of S&P's index committee