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Home prices show declines in October

Dec. 28, 2010 at 12:27 PM   |   Comments

NEW YORK, Dec. 28 (UPI) -- U.S. home prices showed declining rates of growth in October in 18 of 20 monitored cities, a closely watched home price index released Tuesday said.

The S&P/Case-Shiller U.S. National Home Price Index for a 20-city composite index dropped 0.8 percent in the month, compared to October 2009. In a 10-city index, prices rose 0.2 percent, although year-over-year gains were only noted in four of the 10 cities, the report said.

Only Washington D.C. and three cities in California, Los Angeles, San Diego and San Francisco, showed year-over-year gains.

From September 2010, prices dropped in each of the 20 cities monitored and in six cities -- Atlanta, Charlotte, N.C., Miami, Portland, Ore., Seattle and Tampa, Fla. -- prices have fallen to their lowest level since prices began to decline before the recession.

S&P Index Committee Chairman David Blitzer said in a statement, "The double-dip is almost here ... there is no good news in October's report."

Blitzer said pricing trends have shown no changes in months, federal tax credits for home buyers have run their course and "the national economy remained lackluster in October."

"Existing homes sales and housing starts have been reported for both October and November, and neither is giving any sense of optimism," he said.

© 2010 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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