The S&P/Case-Shiller home-price indexes showed that home prices went down between August and September, and that third quarter prices also were down, according to a report by the Wall Street Journal. The indexes also indicated that the rate of decline may be accelerating.
The S&P/Case-Shiller U.S. National Home Price Index for the third quarter showed a 1.5 percent decrease from last year. Home prices for September were down in all but two of the metropolitan areas the index covers: Washington, D.C., showed a 0.3 percent increase, and Las Vegas showed a 0.1 percent increase. The metropolitan areas with the largest declines were Cleveland, at three percent, and Minneapolis, at 2.1 percent.
Data indicates that many would-be buyers are putting off buying homes due to falling prices, high unemployment and concerns over the recent issues with foreclosure documents.