(WASHINGTON) -- Home prices were down 0.8 percent compared to a year ago in 20 of the country’s largest cities, according to one of the leading measures of home values in the country.
While prices remain above their spring 2009 lows, Atlanta, Charlotte, N.C., Portland, Ore., Miami, Seattle and Tampa, Fla., hit their lowest levels in October since home prices began dropping in 2006 and 2007, Standard & Poor’s said Tuesday in its monthly Case-Shiller Home Price Index.
David Blitzer, chairman of S&P's index committee, said, "The double dip is almost here, as six cities set new lows for the period since the 2006 peaks. There is no good news in October's report. Home prices across the country continue to fall."
The drop in prices is in part a response to the housing market weakness after federal home-buyer tax credits expired in April.
Diane Swonk, chief economist with Mesirow Financial, said in response to the report that, "the housing market, which got us into this mess, is likely to remain a thorn in the side of the recovery for some time to come."
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