Home Prices Post Largest Drop in 16 Years

New York, NY, December 26, 2007--U.S. home prices in October posted their largest monthly drop since 1991, according to the Standard & Poor’s/Case-Shiller index.

The 6.7 percent decline was also their largest monthly drop since 1991, when prices declined 6.3 percent that April.

"No matter how you look at these data, it is obvious that the current state of the single-family housing market remains grim," said Robert Shiller, in a press release

The index tracks prices in 10 metropolitan areas.

In a broader index of 20 metropolitan areas, Miami had the largest decline, 12.4 percent.

Detroit, Las Vegas, Phoenix and San Diego also saw double-digit declines.

Atlanta and Dallas, which had previously seen price appreciation, fell in October by 0.7 percent and 0.1 percent respectively.

Charlotte, N.C., Portland, Ore. and Seattle were the only cities to post price appreciation over October of last year.