NEW YORK–The real estate market continues remains perplexed over where the bottom might lie after home prices posted another record decline in October, dropping 18% over the same period one year earlier, according to the Case-Shiller index. That index, based on home prices in 20 cities, has now posted losses for a 27 months in a row. In October, 14 of those 20 cities set new price decline records.
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Experiencing the biggest declines were Phoenix, at 32.7% over one year earlier, Las Vegas (31.7%), San Francisco (31%), Miami (29%), Los Angeles (27.9%), and San Diego (26.7%). Other big cities seeing declines included Atlanta, Seattle and Portland, all of which were down just over 10%. Through October, the 20-City Composite is down 23.4%.
