On Tuesday, data obtained from the Standard & Poor´s/Case-Shiller 20 city housing index, showed that U.S. home prices fell at a steepest rate recorded for a July month. The index fell 16.3% from the number held in July 2007 in comparison to July of this year. This is the biggest drop recorded since the index began in 2000. The 10 city housing index also took a sharp fall, hitting 17.5%, which is the biggest decrease recorded since this index was started over 21 years ago. With the 20 city index, prices have lowered almost 20% since hitting their peak in July 2006, while since that same date the 10 city index has lowered 21%.

For the fourth month in a row, there was no city in the 20 city index that had a price gain in July. At least, there is evidence that from month to month, the monthly price decline is slowing down. From May to July, home prices fell at around a rate of 2.2%, which is less then half of the rate from February to April. However, David M. Blitzer, the S&P index committee chairman, says that there is "no evidence of a bottom,". No one knows when the prices will stop falling. The city that had the most drastic price fall, was Las Vegas at almost 30%.