The annual rate of home-price decline improved in October in the 10-City and 20-City Composites tracked as one of the S&P/Case-Shiller Home Price Indices released yesterday. The 10-City and 20-City Composites declined 6.4 percent and 7.3 percent, respectively, in October compared with the same month last year. All 20 metro areas and both composites showed an improvement in the annual rates of decline in October compared with September.
“The turn-around in home prices seen in the spring and summer has faded, with only seven of the 20 cities seeing month-to-month gains, although all 20 continue to show improvements on a year-over-year basis,” said David M. Blitzer, chairman of the Index Committee at Standard & Poor’s. “Following a series of solid gains, these data are likely to spark worries that home prices are about to take a second dip. Before jumping to conclusions, recognize that the one time that happened at the beginning of the 1980s, Fed policy saw dramatic reversals, which is very different from the stable and consistent Fed policy we have today.”
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