U.S. Home Prices Continue Decline

According to the Standard & Poor's/Case-Shiller home price index, U.S. home prices fell in October for the 10th consecutive month, posting the largest monthly drop since early 1991, the Boston Herald reported December 26, 2007.

The record 6.7 percent drop in the home price index also marked the 23rd consecutive month prices either grew more slowly or declined. The old 6.3 percent record decline occurred in April 1991.

The Case-Shiller home price index tracks prices of existing single-family homes in 10 metropolitan areas compared to a year earlier.

"Miami posted the largest decline among those 20 markets. Home prices in the Miami metropolitan area fell 12.4 percent in October compared to the same month last year, surpassing Tampa, Fla. as the worst-performing city. Tampa posted a year-over-year loss of 11.8 percent."

Read The Article In The Boston Herald
Read The Article In The Boston Globe