S. Florida home prices drop to 2004 levels

Miami Herald staff and wire report

A closely watched index shows South Florida housing prices dropped in April to levels not seen since 2004.

The Standard & Poor's/Case-Shiller home price index for the Broward, Miami-Dade and Palm Beach metro area fell by 26.7 percent in April versus last year.

The index of 20 major metro areas nationwide fell by 15.3 percent in April versus last year. That marks the largest drop since its inception in 2000 and the first time all 20 metro areas posted annual declines.

Prices nationwide are at levels not seen since August 2004.

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