Home prices are dropping in the nation’s largest cities and are expected to fall through next year, with the worst declines coming in areas with high numbers of foreclosures.
The Standard & Poor’s/Case-Shiller 20-city home price index fell 1.3 percent in October from September. All cities recorded monthly price declines.
Atlanta recorded the largest decline. Prices there fell 2.9 percent from a month earlier. Home prices in Washington dropped 0.2 percent in October, the second monthly decline after five straight increases.
The 20-city index has risen 4.4 percent from their April 2009 bottom. But it remains 29.6 percent below its July 2006 peak.