Home-Price Declines Biggest on Record

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-Hill(MHP Quote). Only three markets -- Charlotte, Seattle and Portland -- showed price appreciation on a year-over-year basis. ...