US home prices drop at fastest pace since 2009

Home prices in the U.S. are sinking at the fastest monthly pace since the Great Recession, evidence that rising mortgage rates are rapidly slowing activity in the housing market.

Median home prices fell 0.98% in August from a month earlier, following a 1.05% drop in July, mortgage analytics firm Black Knight said in a report Monday. 

"Together they represent two straight months of significant pullbacks after more than two years of record-breaking growth," said Black Knight Data & Analytics President Ben Graboske

The price declines are the sharpest since January 2009, when...