January 19, 2009

Home Prices Post Record Drop

Home prices posted another record decline in October, falling 18% compared with a year earlier, according to the closely watched S&P Case-Shiller report. The 20-city index has posted losses for a staggering 27 months in a row. In October, 14 of the 20 cities set fresh price decline records.

Many of the factors affecting home prices turned strongly negative this fall.

Of course, foreclosures continue to be the biggest problem affecting these declines.

According to Pat Newport, a real estate analyst for IHS Global Insight, home sellers should not expect prices to improve any time soon.

With a new administration and Congress taking the reins this month, many analysts expect to see a renewed interest in stabilizing the housing market.

What do you think? Will the incoming Obama administration have an immediate impact on the real estate industry? Tell us what you think by clicking the comment link below. Remember, your email address will NOT be published here, although it is required in order to post a comment. We'd love to hear from you.

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