Home Price Index Shows Record Drop

The S&P-Case/Shiller index indicates a 6.7% decline for October.
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Home prices in the nation's 10 largest cities fell 6.7% in October from a year earlier -- the largest annual decline on record, according to the S&P/Case-Shiller home price index.

The index, a tracker of single-family home prices compiled by Standard & Poor's and MacroMarkets, showed a 1.4% price decline over September in both its 10-city and 20-city composite measures.

The 6.7% year-over-year drop in the 10-city index surpassed the previous record of a 6.3% decline in April 1991. The 20-city index showed a 6.1% annual price decline in October, according to the S&P/Case-Shiller home price index.

"No matter how you look at these data, it is obvious that the current state of the single-family housing market remains grim," said Robert Shiller, chief economist at MacroMarkets and co-creator of the index. "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."

Miami was the nation's worst-performing city in October, with prices tumbling 12.4% from a year earlier. Tampa, Fla., followed with an 11.8% decline. Detroit and San Diego were the next-worst markets, with drops of 11.2% and 11.1%, respectively.

Only Charlotte, N.C.; Seattle; and Portland, Ore., showed year-over-year home price gains.