U.S. home prices decline in third quarter: S&P

U.S. home prices declined 2 percent in the third quarter of 2010, after rising 4.7 percent in the second quarter, according to data released today by Standard & Poor’s/Case-Shiller Home Price Index. Nationally, home prices saw a 1.5 percent year-over-year decrease, the report shows. While housing prices are still above their spring 2009 lows, the end of the tax incentives and still active foreclosures appear to be weighing down the market, experts said. “The national economy is still the number one issue for housing,” said David Blitzer, chairperson of the Index Committee at S&P. “Additionally, there is a large supply of houses on the market and further, hidden, supply due to delinquent mortgages, pending foreclosures or vacant homes.” TRD