The Associated Press is reporting that home prices are falling faster in the nation's largest cities, and a record number of foreclosures are expected to push prices down further through next year. The Standard & Poor's/Case-Shiller 20-city home price index fell 0.6 percent in September from August. Eighteen of the cities recorded monthly price declines. Cleveland recorded the largest decline. Prices there dropped 3 percent from a month earlier. Prices in San Francisco and Los Angeles, which had been increasing, fell in August from July. Washington and Las Vegas were the only metro areas to post gains in monthly prices. This foreclosure crisis shows no signs of slowing down.
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Read more at the Associated Press.
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