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Home Prices Fall Record 16.6%

The Case/Schiller index dropped 16% from the same period a year ago. NEW YORK -- A widely watched index shows home prices dropping by the sharpest annual rate on record in the third quarter.

The Standard & Poor's/Case-Shiller U.S. National Home Price Index released Tuesday tumbled a record 16.6% during the quarter from the same period a year ago. Prices are at levels not seen since the first quarter of 2004.

The monthly indices also clocked in record declines. The 20-city index fell by 17.4% in September compared with a year ago, the largest drop since its inception in 2000. The 10-city index plunged 18.6%, the biggest decline in its 21-year history.

No city in the Case-Shiller 20-city index saw annual price gains in September for the sixth straight month.

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