Housing prices dropped in February 2008 at the fastest rate ever recorded, a widely watched index showed on Tuesday, April 29, 2008. The index showed that the housing slump is gaining momentum and showing no signs of letting up.

The Standard & Poor’s/Case-Shiller home price index of 20 cities fell by 12.7 percent in February 2008 as opposed to last year, this is the largest decline since its inception in 2001. Seventeen of the 20 metro areas reported record annual declines.