The S&P/Case-Shiller index declined 18.04 percent in October after falling 17.40 percent in September. Analysts had been predicting a 17.90 percent decline. The largest drops were in the Phoenix and Las Vegas metropolitan areas, declining by 33.00 percent and 32.00 percent, respectively. Home prices, bogged down by foreclosures and declining sales, fell at their fast pace since the index began in 2001. The index has now fallen twenty-two consecutive months, with home prices slumping to their March 2004 levels. As banks continue to curb lending, it is certain that the housing slump will continue into 2009.
S&P/Case-Shiller Composite-20 City Home Price Index YoY
Source: Bloomberg
