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December 26, 2007

Home Prices Post Record Decline

According to a report just released by the Associated Press U.S. home prices fell in October for the 10th consecutive month, posting their largest drop since early 1991.

The record 6.7 percent slide in the Standard & Poor’s/Case-Shiller home price index also marked the 23rd consecutive month that prices either fell or grew more slowly than the month prior.

“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, who helped create the index, in a statement.

To read the entire release click here.