Double-dip warning

Real estate price index: declines in 15 of 20 metros

After rising in the second quarter, a quarterly index of national home prices fell in the third quarter, according to the latest Standard & Poor’s/Case-Shiller National Home Price Indices report, released today.

The indices, which are based on repeat sales of single-family homes over time, have a base value of 100, with levels above 100 representing the percentage of home-value appreciation since January 2000.

The U.S National Home Price Index fell 1.5 percent year-over-year and 2 percent month-to-month in the third quarter, to 135.48. This comes after both year-over-year and quarter-to-quarter increases in the second quarter, partially driven by an April 30 federal homebuyer tax credit program deadline.