Home prices tumbled in 3rd quarter

Standard & Poor's: Decline was biggest since index started in 1987

Video

More 'For Sale' signs
Nov. 27: Home prices plunged in the third quarter of this year, down 4.5 percent from last year. CNBC's Carl Quintanilla reports.

Nightly News

Slideshow

Sand castles
Open House: A look at some properties for sale around the country with an ocean view.

Latest interest rates

See today's average mortgage rates across the country.

Loan type	Today	+/-	Last week
30-year fixed	4.96%		5.03%
15-year fixed	4.53%		4.56%
30-year fixed jumbo	5.90%		5.86%
5/1 ARM	4.21%		4.19%
7/1 ARM	4.43%		4.39%

Source: Bankrate.com | View rates in your area

See today's average home equity rates across the country.

Loan type	Today	+/-	Last week
$30K HELOC	5.22%		5.20%
$30K home equity loan	8.36%		8.32%
$75K home equity loan	8.25%		8.19%
$50K home equity loan	8.22%		8.16%
$50K HELOC	4.96%		4.93%

Source: Bankrate.com | View rates in your area

See today's savings rates across the country.

Savings type	Today	+/-	Last week
Money market	1.01%		1.04%
$10K money market	1.09%		1.12%
Six-month CD	1.10%		1.13%
One-year CD	1.58%		1.57%
Five-year CD	2.61%		2.62%

Source: Bankrate.com | View rates in your area

See today's average auto rates across the country.

Loan type	Today	+/-	Last week
48-month new car loan	6.79%		6.80%
36-month used car loan	7.15%		7.22%
36-month new car loan	6.67%		6.68%
60-month new car loan	6.83%		6.84%
72-month new car loan	6.12%		6.22%

Source: Bankrate.com | View rates in your area

See today's average credit card rates across the country.

Card type	Fixed	Variable
Standard	13.46%	11.48%
Gold	12.12%	9.90%
Platinum	10.97%	12.21%
All	12.31%	11.68%

Source: Bankrate.com | View more rates

Interactive

Foreclosure rates by state
Foreclosure rates tend to be highest in four key states. Click to see the progression for every state since 2005.

updated 7:32 p.m. ET Nov. 27, 2007

NEW YORK - U.S. home prices fell 4.5 percent in the third quarter from a year earlier, the sharpest drop since Standard & Poor’s began its nationwide housing index in 1987 and another sign that the housing slump is far from over, the research group said Tuesday.

The index also showed that prices fell 1.7 percent from the previous three-month period, the largest quarter-to-quarter decline in the index’s history.

The S&P/Case-Schiller quarterly index tracks prices of existing single-family homes across the nation compared with a year earlier.

Story continues below ↓

advertisement | your ad here

A separate index that covers 20 U.S. metropolitan areas dropped 4.9 percent in September from a year earlier, with 15 metro areas posting declines. Only five metro areas — Atlanta, Charlotte, N.C., Dallas, Portland, Ore., and Seattle — showed an increase in prices, but S&P noted that the pace of the rise is decelerating.

Tampa and Miami led the index with the lowest year-over-year declines at 11.1 percent and 10 percent, respectively. It also showed drops in San Diego of 9.6 percent; Detroit, 9.6 percent; Las Vegas, 9 percent; Phoenix, 8.8 percent; and Los Angeles, 7 percent.

The S&P’s 10-area index decreased 5.5 percent in September from the previous year.

Click for related content

Study: Rising foreclosures to hurt U.S. cities

Last week, the National Association of Realtors said that sales of existing homes fell in 46 states in the third quarter. However, the trade group said home prices rose in 93 of the 150 metropolitan areas surveyed.