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Home prices plunge record 18 percent in October: S&P
December 30, 2008 / 2:07 PM / 9 years ago

Home prices plunge record 18 percent in October: S&P

NEW YORK (Reuters) - Prices of U.S. single-family homes in October plunged a record 18.0 percent from a year earlier, according to the Standard & Poor‘s/Case-Shiller Home Price Indices released on Tuesday that indicated a U.S. housing market in the throes of a deep recession.

<p>A broken "For Sale" sign is seen outside a home in the Queens borough of New York, November 21, 2008. REUTERS/Shannon Stapleton</p>

The composite index of 20 metropolitan areas fell 2.2 percent in October from September. The price drops, both on a year-over-year and month-over-month basis, came in worse than expectations based on a Reuters survey of economists.

S&P said its composite index of 10 metropolitan areas declined 2.1 percent in October from September for a 19.1 percent year-over-year drop, also a record.

“The bear market continues; home prices are back to their March, 2004 levels.” David M. Blitzer, Chairman of the Index Committee at Standard & Poor‘s, said in a statement.

Reporting by Julie Haviv, Editing by Chizu Nomiyama

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