Home values in 20 large metropolitan areas across the country dropped at a record pace in October as the fallout from the financial collapse reverberated through the housing market, according to data released Tuesday.
The price of single-family homes fell 18 percent in October from a year earlier, according to the closely watched Standard & Poor’s/Case Shiller Housing Index. All 20 cities reported annual price declines in October; prices in 14 of the 20 metropolitan areas surveyed fell at a record rate as the financial crisis reached a critical point.
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Fourteen of the 20 cities in the Case-Shiller survey posted double-digit declines for the year. The relative winner was Dallas, which had the smallest yearly decline, of 3 percent. The value of a single-family house in Detroit, which has been pummeled by closing plants and the implosion of the auto industry, was less in October than it was in October 1998.
Get a house in Detroit, cheap! Trade your 6-year-old SUV for one, maybe.