Standard & Poors today said its S&P/Case-Shiller Home Price index fell by a record 6.7% for the year ended Oct. 31, the 10th straight month of decline. In a report published on its website, S&P said the index showed broad-based declines in the prices of existing single-family homes across the U.S. The 10-city composite topped the prior largest decline of 6.3% for the year ended April 30, 1991.
Miami led major U.S. cities with an annual loss of 12.4%, followed by Tampa, Fla., down 11.8%; Detroit, down 11.2%; and San Diego, down 11.1%. The only major cities without housing losses were Seattle, Charlotte, N.C., and Portland, Ore.