Home Prices Fell 8.2 Percent in 2008 on Foreclosures

Feb. 24 (Bloomberg) — U.S. home prices fell a record 8.2 percent in 2008 as the recession and a surge of foreclosures caused the worst devaluation of real estate since the Great Depression.

The fourth-quarter figure was 3.4 percent lower than the prior quarter, on a seasonally adjusted basis, the Federal Housing Finance Agency said today in a report. The decline is the largest on record, the Washington-based agency said.

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