For the second month in a row, home prices across the U.S. declined, falling 1.2 percent from September to October, according to the latest S&P/Case-Shiller 20-City Composite Index.
On an annual basis, home prices are down 3.4 percent versus October 2010; 14 cities saw improved annual returns compared with September's data, and average home prices across the U.S. are back to their mid-2003 levels.
"Even though some of the annual rates are improving, 18 cities and both [the 10- and 20-city composites] are still negative," said David M. Blitzer, chairman of the Index Committee at S&P Indices. "Nationally, home prices are still below where they were a year ago."
"It's a picture of a market that's trying to get back to equilibrium," Karl Case, co-creator of the index, told Bloomberg. "Different things are happening in different markets. It's very segmented. You've got these huge inventories that we've never really had before."
