Home Prices in U.S. Fell 6.1% in October, More Than Estimated, Survey Says

Case-Shiller and Commerce Department reports in sync:

Property values fell 6.1 percent from October 2006, more than forecast, after dropping 4.9 percent in September, according to the S&P/Case-Shiller home-price index. The decrease was the biggest since the group started keeping year-over-year records in 2001. The index has fallen every month this year…

Figures this week from the Commerce Department may show new homes sold at an annual rate of 718,000 in November, down from October’s 728,000 rate, based on the median estimate of economists surveyed by Bloomberg News.

My guess is the next National Association of Realtors propaganda release will dispute this, noting something along the lines of “homes were the most popular holiday gift this year”.

UPDATE: November fares worse.

UPDATE 2: My guess was correct – the NAR “propa-gates” – the “market is now stabilizing.”