S&P/Case-Shiller: “No good news”


(Source: S&P/Case-Shiller)

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The decline in New York-area home prices quickened in October, dropping 1.6 percent month-over-month, according to the latest S&P/Case-Shiller Home Prices Indices, released this morning. It was the second straight monthly decline for home prices in the region, where September brought a 0.5 percent month-over-month dip. It was trend echoed nationwide, as all 20 cities surveyed registered decreases in their October home prices, when compared to September. Overall, U.S. housing prices are still above the lows reached in the spring of 2009, but prices hit new lows in six metropolitan areas: Miami, Atlanta, Charlotte, Portland, Seattle and Tampa. “The double-dip is almost here,” Index Committee Chairman David Blitzer said ominously in a statement accompanying the new data. “There is no good news in October’s report.” TRD