Detroit home prices fall 15.1 percent in January

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By Beth Boehne

Story Created: Mar 25, 2008 at 1:48 PM EST

Story Updated: Mar 25, 2008 at 1:48 PM EST

NEW YORK (AP) — New data shows home prices in many cities, including Detroit, continue to plunge.

U.S. home prices fell 10.7 percent in January, and the Standard & Poor's/Case-Shiller home price index of 20 cities saw its steepest decline in two decades.

Worst-hit were Las Vegas and Miami, both reporting 19.3 percent drops. Detroit's prices went down 15.1 percent.

Pava Leyrer is the president of Heritage National Mortgage in Detroit and says the tightening of loan standards has compounded the problems of too much inventory, foreclosures and a jittery economy. She says it would take until the spring of 2009 before the Michigan market improves.

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