U.S. Home Prices Fell at Sharpest Pace in October Dec 31, 2008

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Home values in 20 large metropolitan areas across the United States dropped at a record pace in October, according to Standard & Poor's/Case Shiller Housing Index.

The price of single-family homes fell 18% in October from a year earlier, according to the Index. All 20 cities reported annual price declines in October; prices in 14 of the 20 metropolitan areas surveyed fell at a record rate as the financial crisis reached a critical point.

"October was clearly the free-fall month," said David Blitzer, chairman of the index committee at Standard & Poor's. "Everything was going against us in October, without exception."

After increasing steadily through the first part of the decade, home prices have fallen every month since January 2007, their slide accelerating as troubles in the housing market infected the broader economy and brought down financial firms.

The Index said that prices are falling at the fastest pace on record, a sign that the U.S. housing market is a long way from recovery.

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