CHICAGO – House prices fell 1.2% in October after falling 0.7% in September, according to new figures just released by Standard & Poor’s.
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In fact, said S&P, prices fell in 19 of the 20 metropolitan areas tracked by the Case-Shiller house price index, with only Phoenix managing to post a month-over-month increase of 0.3% in October. The cities identified as demonstrating the greatest weaknesses in housing, said Standard & Poor’s, are Atlanta (down 5%), Detroit (down 3.3%), Minneapolis (down 2.8%), Chicago (down 1.8%) and Cleveland (down 1%).
The two consecutive months of declines in the index follow five consecutive months of gains. Analysts said the numbers are in line with normal seasonal patterns.
