Home Price Gains Soften, S&P/Case-Shiller Index Reveals

Home prices continue to soften according to the latest reading from the S&P/Case-Shiller Home Price index, which measures prices in 20 metropolitan cities. The index for the month of September rose 4.9% year-over-year, compared to 5.6% in August. The index is down 15-17% since its summer 2006 peak. Price gains in the West and Southwest are slowing, while the Southeast, mainly Florida, was the only region to show signs of momentum. As for the Northeast, the region posted its first monthly decline since December 2013. TheStreet's Scott Gamm speaks with David Blitzer, chairman of the index committee at S&P Dow Jones Indices.