Housing prices continue to slip

The prices of existing U.S. homes fell 4.5% in the third quarter compared to the same period in 2006, according to Standard & Poor’s /Case-Shiller Home Price Indices, which tracks home prices across the country. The national S&P/Case-Shiller Home Price Index fell 1.7% from the second quarter, marking the largest quarter-to-quarter decline since the index was first compiled in 1987. “There is no real positive news in today’s data,” said Robert J. Shiller, chief economist of MacroMarkets LLC. “Most of the metro areas continue to show declining or decelerating returns on both an annual and monthly basis.” The 20-City Composite Index, which covers 20 U.S. metropolitan areas fell 4.9% in September compared to the same period in 2006, with 15 metro areas posting declines. Tampa led all metro areas with an 11.1% annual decline in home prices. Miami, Detroit, San Diego and Las Vegas rounded out the list with declines of 10%, 9.6%, 9.6% and 9%, respectively. Only five metropolitan areas — Atlanta, Charlotte, N.C., Dallas, Portland, Ore., and Seattle — posted price increases, but each showed a deceleration in gains.