Case-Shiller says home prices weakened in October
Home prices across the United States weakened in October, according to the S&P/Case-Shiller Home Price Indeces.
Home prices decreased in all 20 MSAs (metropolitan statistical areas) from their September levels, according to the report.
The chairman of the index committee did not attempt to sugar-coat the data, as six cities set new lows for the period since their peaks in 2006.
"There is no good news in October’s report," said David M. Blitzer, chairman of the index committee at Standard & Poor's. "Home prices across the country continue to fall. The trends we have seen over the past few months have not changed. The tax incentives are over and the national economy remained lackluster in October, the month covered by these data."
The six cities setting new lows on the index were: Atlanta; Charlotte, N.C.; Miami, Fla.; Portland, Ore.; Seattle and Tampa, Fla.