S&P/Case-Shiller: “No good news”

(Source: S&P/Case-Shiller)

The decline in Miami-area home prices continued in October, dropping 1.1 percent month-over-month and 3.4 percent year-over-year to a new low, according to the latest S&P/Case-Shiller Home Prices Indices, released this morning. 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 Miami was among the six metropolitan areas that have yet to hit bottom, a list that also includes 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