NEW YORK -- Home prices took a shockingly steep plunge on a monthly basis, an indication that the housing market could be on the verge of -- if it's not already in -- a double-dip slump, according to an industry report released Tuesday.
Prices in 20 key cities fell 1.3% in October from a month earlier, an annualized decline of 15%, according to the S&P/Case-Shiller index. Prices were down 0.8% from 12 months earlier.
Month-over-month prices dropped in all 20 metro areas covered by the index. Six markets -- Atlanta; Charlotte, N.C.; Miami; Portland, Ore.; Seattle and Tampa, Fla. -- reached their lowest levels since the housing bust first began in 2006 and 2007.
"The double-dip is almost here," said David Blitzer, chairman of the Index Committee at Standard & Poor's. "There is no good news in October's report. Home prices across the country continue to fall."
Tuesday, December 28, 2010
More great news from Obamaville.
Posted by traderrob at 7:00 AM