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The phrase "are dropping fast" is correct and usable in written English.
It can be used to describe a rapid decrease in quantity, value, or intensity of something.
Example: "The temperatures are dropping fast as the sun sets, signaling the arrival of a chilly night."
Alternatives: "are falling quickly" or "are decreasing rapidly."
Exact(18)
They are dropping fast.
Commercial-property prices are dropping fast.
But Chrysler's sales are dropping fast month to month, as well.
Furthermore, the prices of many AIDS drugs are dropping fast, and Anglo American is negotiating discounts with various suppliers.
Water tables in Punjab are dropping fast and the soil's fertility is at risk.Yet the glut has not brought wheat and rice within reach of the poor.
It reported operating cash flow in 2007 of just under $1 billion, barely more than the annual debt service payments it now faces, and revenues are dropping fast.
Similar(42)
People at the White House are dropping faster than old guys hunting with Dick Cheney.
In Guinea, where they are dropping fastest, the numbers are halving every 10 days, in Liberia every 14 days and in Sierra Leone every 19 days.
Then, the impersonator turned to the implosion of Mr. Gingrich's campaign, after many of his aides resigned 10 days ago, saying, "His supporters are dropping faster than Anthony Weiner's pants".
Dr. John Seffrin, chief executive of the American Cancer Society, said that cancer mortality rates are dropping faster than ever in the United States, and that the reduction in the proportion of Americans who smoke is one of the main reasons.
Prices are dropping fastest in the Midwest, which has been hit hard by job losses in manufacturing, and in California, Florida and the Southwest, where the housing boom was most pronounced.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com