Case-Shiller Home Price Decline Accelerates
Standard & Poor’s reported(.pdf) that the Case-Shiller 20-City Home Price Index fell 1.2 percent from September to October, its sharpest decline in a year, while the 10-City index fell 1.1 percent. Seasonally adjusted data was slightly better, the two indexes falling 0.6 percent and 0.5 percent, respectively.
On a year-over-year basis, the 20-City index is now down 3.4 percent and the 10-City index has fallen 3.0 percent, however, due to price increases earlier in the year, these are both an improvement from the annual rate of decline reported last month.
Nineteen of the 20 cities saw price declines in October with drops of 1.0 percent or more in 11 cities paced by a plunge of 5.0 percent in Atlanta and 3.3 percent in Detroit. Even home values in Washington D.C. fell, down 0.3 percent for the month, but this area continues to lead all others since the housing bubble burst with an annual gain now at 1.3 percent.
Read more at The Mess That Greenspan Made
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