According to October's S&P/Case-Shiller Home Price Index released today, the prices of existing single family homes across the United States showed continued broad based declines, with 14 of the 20 metro areas showing record rates of annual decline and 14 now reporting declines in excess of 10 percent compared with October 2007. The 10-City and 20-City Composites also set new records, with annual declines of 19.1 percent and 18.0 percent, respectively.

"The bear market continues; home prices are back to their March, 2004 levels." says David M. Blitzer, chairman of the Index Committee at Standard & Poor's. "While not yet experiencing as severe a contraction as in the Sunbelt, it seems the Pacific Northwest and Mid-Atlantic South is not immune to the overall demise in the housing market."

Cleveland and Denver were the only markets that showed any improvement in year-over-year returns compared with the previous report.

More info

From Wednesday, December 31, 2008 C.A.R. Newsline

Reprinted with permission of the CALIFORNIA ASSOCIATION OF REALTORS®