Home prices drop for 2nd straight month, survey shows
U.S. home prices fell in most major cities for the second
straight month, further evidence that the housing recovery will be
bumpy.
The Standard & Poor's/Case-Shiller index released Tuesday showed
prices dropped in October from September in 19 of the 20 cities tracked.
Prices in a majority of cities declined for the second straight
month, reflecting the typically fall slowdown after the peak buying
season. Prior to that, prices had risen for five consecutive months in
at least half of the cities tracked.
The Case-Shiller index covers half of all U.S. homes. It measures
prices compared with those in January 2000 and creates a three-month movingaverage. The monthly data are not seasonally adjusted.
