Industry NewsMarkets & Economy

Home prices tumble in 19 of 20 markets

S&P/Case-Shiller index shows slower rates of decline in October

Home prices fell from September to October in 19 of 20 markets tracked by the S&P/Case-Shiller 20-City Composite Home Price Index, with prices in Atlanta and Las Vegas hitting new lows and Midwest markets including Detroit, Minneapolis and Chicago also showing weakness.Cumulatively, the 20-City Composite was down 1.2 percent from September to October and 3.4 percent from a year ago. The index was up 1.9 percent from a post-crisis low registered in March 2011. "In the October data, the only good news is some improvement in the annual rates of change in home prices," with 14 of 20 cities seeing their annual rates of change improve, said David Blitzer, chairman of the Index Committee at S&P Indices, in a statement. Average prices were below January 2000 levels in Atlanta, Cleveland, Detroit and Las Vegas.  Looking back a year, only two markets in the 20-City Composite have posted annual gains: Detroit (2.5 percent) and Washington, D.C. (1.3 percent).The National Associ...