US home prices fell at record rates in January, reaching a shocking 19 per cent, according to the latest figures reported by the S&P/Case-Shiller 20-city index.

The index revealed an average 2.8% per cent month on month fall in January compared to December and a 29 per cent drop from their 2006 peak values. The 19 per cent fall in January represents the biggest drop since the index began in 1988.

Many experts believe there is still another 10-30 per cent drop to go.

Image by remaxgoldcoastmedia under Creative Commons.

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