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Sectors:Construction and Materials
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AP |
The composite month-over-month index of 20 metropolitan areas fell 2.6 percent to 175.94 in February from January, for an annual drop of 12.7 percent.
S&P said its composite month-over-month index of 10 metro areas slid 2.8 percent in February to 190.58, for an record annual decline of 13.6 percent.
Investor Takeaway |
Eight of the top 20 metro areas, as well as both composite measures had their biggest monthly declines in February, S&P said in the release.
The pace of the monthly drop accelerated in February, with the 20-city index sliding 2.4 percent and the 10-city index falling 2.3 percent in January.
"There is no sign of a bottom in the numbers," David Blitzer, chairman of the index committee at S&P, said in a press release.
Copyright 2008 Reuters. Click for restrictions.
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