Summary Box: US home prices down in most cities

AP News
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Posted: Dec 27, 2011 4:17 PM
Summary Box: US home prices down in most cities

PRICES DOWN: U.S. home prices fell in most major cities for the second straight month in October, further evidence that the housing recovery will be bumpy. The Standard & Poor's/Case-Shiller index showed home prices dropped in 19 of the 20 cities tracked.

SEASONAL SLOWDOWN: The latest decline reflects the typical fall slowdown after the peak buying season. Home prices had risen in April through August in at least half of the cities tracked.

YEARS OF LOSSES: Home prices have fallen roughly 32 percent nationwide since the housing bubble burst five years ago and are back to 2003 levels, according to the index.

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