Home Prices Continue Descent

Housing prices in the country's 10 largest cities fell 5% in August, the largest annual decline since the recession of 1991, according to the S&P/Case-Shiller home price index.

"At both the national and metro area levels, the fall in home prices is showing no real signs of a slowdown or turnaround," said Robert J. Shiller, chief economist at MacroMarkets LLC and co-creator of the index.

The 10-city composite's annual decline of 5% is the worst since June 1991. The steepest drop on record was an annual decline of 6.3% recorded in April 1991. ...