NEW YORK (CNNMoney.com) -- Residential real estate posted another record decline in January 2008, according to a survey released Tuesday.
The S&P Case/Shiller Home Price composite index of 20 key markets shows that home prices plunged 10.7% over the last 12 months, their lowest level since the index launched in 2000.
Of those 20 metro areas, 16 reported record annual low, with 10 cities posting double digit declines through the 12 months that ended in January.
The survey's 10-City composite index fell 11.4% year-over-year, its steepest decline since its inception in 1987.
"Unfortunately it does not look like early 2008 is marking any turnaround in the housing market, after the declining year recorded throughout 2007," says David M. Blitzer, Chairman of the Index Committee at Standard & Poor's.
The Case/Shiller indexes compare the sale prices of the exact same homes. The industry considers this survey to be among the most accurate snapshots of housing prices.
Las Vegas and Miami reported the weakest markets in January, with both cities posting annual declines of 19.3%. Phoenix was the second worst with a decline of 18.2%.
Washington and Minneapolis also registered double digit declines in January. See Also
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