The S&P Case-Shiller home price index fell in line with expectations in December as the 20-city composite index posted a decline of 18.55% to a reading of 139.1. Economists had forecast an 18.30% drop.

The three-month annualized rate of decline was 24.53% in December, compared to the 22.37% rate in November and the 18.41% decline in October.

On a quarterly basis, prices were down 7.24% in the fourth quarter.

The U.S. Composite-10 Index fell 2.31% in the month. Phoenix lead the way with a 5.06% decline, followed by Las Vegas, which recorded a 4.81% decline.

In annual terms, Miami reported a decline of 28.79%, while prices in Los Angeles are down 26.42% compared to a year ago.

By Megan Ainscow and edited by Stephen Huebl
©CEP News Ltd. 2009