Home Prices Still Falling, Down 1.3% in October

New York, NY, Dec. 28, 2010 -- Home prices continue to fall in the nation's largest cities and are expected to fall through next year, according to the Standard & Poor's/Case-Shiller 20-city home price index released Tuesday.

The index fell 1.3% in October from September.

All cities recorded monthly price declines. The last time that happened was in February 2009.

This year is on pace to finish as the worst for home sales in more than a decade. High unemployment and tight credit have kept people from buying homes, despite some of the lowest mortgage rates in decades.

Millions of foreclosures are forcing home prices down and more are expected in the coming year. Many people are holding off on making because they fear the market hasn't bottomed out, analysts say.

Also, mortgage rates are rising again.