By Al Yoon 4 minutes ago NEW YORK (Reuters) - Prices of existing U.S. single-family homes slumped for the 18th month in a row in January, for a record annual drop, according to Standard & Poor's/Case-Shiller home price index released on Tuesday.The composite month-over-month index of 20 metropolitan areas fell 2.4 percent to 180.65 from December, bringing the measure down 10.7 percent from a year earlier and 12.5 percent from its July 2006 peak.
The 12-month drop was the latest in a string of records for the statistic set as the housing market slumped. The previous annual drop, in December, was 9.1 percent.
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