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Single-family home prices in the top U.S. markets declined in October at a record pace from year-ago levels, signaling that the gloom in the housing market may be far from over. The Standard & Poor's/Case-Shiller Home Price Index showed an annual decline of 6.7% in the 10-city composite, according to data released yesterday. The previous largest decline on record was 6.3%, recorded in April 1991. All of the top 20 U.S. markets tracked by the index showed price declines in October compared with the previous month, according to data released by S&P, which is a division of McGraw-HillMHP. Only three markets -- Charlotte, Seattle and Portland -- showed price appreciation on a year-over-year basis. "No matter how you look at these data, it is obvious that the current state of the single-family housing market remains grim," Robert J. Shiller, Chief Economist at MacroMarkets LLC, said in a press release. "Not only did the 10-city composite post a record low in its annual growth rate, but 11 of the 20 metro areas did the same."
The unraveling of these off-balance-sheet deals looms as the next big hit to the bloodied sector.
The S&P-Case/Shiller index indicates a 6.7% decline for October.
Borrowers, mortgage lenders, ratings agencies and investors all fell down on the job.
With prices falling and builders ready to sell, new houses may hold more value than existing homes.
The group says existing-home sales could rebound slightly, but many expect more weakness.
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Catch up on his thinking on the hottest topics of the past week.
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See who made what calls.
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