October home prices show record decline

U.S. home prices drop to a record low for the 10th consecutive month in October, posting their largest drop since early 1991. An undisclosed source that is widely watch showed Wednesday. The record 6.7 percent drop in the Standard &Poor's/Case-Shiller home price index also marked the 23rd consecutive month prices either grew more slowly or declined. Robert Shiller said, "No matter how you look at the nation's single family housing market data, The single family housing market remains grim." The previous record decline was 6.3 percent, recorded in April 1991. The S&P/Case-Shiller home price index tracks prices of existing single-family homes in 10 metropolitan areas compared to a year earlier. The index is considered a strong measure of home prices because it examines price changes of the same property over time, instead of calculating a median price of homes sold during the month. The boarder Case-Shiller index 20 metropolitan homes area fell record low 6.1 percent. Among the 20 homes that was on the index list showed that 11 posted record low monthly decline in October compared with September. Miami, posted the largest record low among the 20 markets. The Home prices drop a staggering 12.4 percent in October compared to same month last year in Florida. Miami surpass Tampa, Fla. as the worst-performing city. Tampa reported a year-over-year lost of 11.8 percent. Promising news came out of North Carolina, Portland, Oregon and Seattle, Washington. Which posted a year-over-year home price appreciation in October. North Carolina posted the highest record high with over 4.3 percent gains. Do you have any comments about this?
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