Industry NewsMarkets & Economy

Home-price index falls at record rate

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Editor's note: Robert J. Shiller (see Inman News profile), a co-creator of the price-trend research that laid the foundation for the Standard & Poor's/Case-Shiller home-price indices, will discuss how to mend the housing market during a keynote address at the Inman News Real Estate Connect conference in New York City on Jan. 7. The conference runs from Jan. 7-9 and will also feature talks by Lawrence Yun, chief economist for the National Association of Realtors,'s Craig Newmark, and Realogy Corp. CEO Alex Perriello, among other industry notables. The Standard & Poor's/Case-Shiller National Home Price Index dropped a record 16.6 percent in the third quarter compared to the same quarter last year. And a separate monthly price index for 20 U.S. metro areas also fell a record 17.4 percent year-over-year in September. The monthly index is based on repeat sales of resale single-family homes over time, and the quarterly national index is a composite of single-f...