Home prices in the nation's largest cities fell in October for the second straight month, suggesting that prices will head down further next year and dashing hopes that the sluggish housing market was headed for an upturn.
The Standard & Poor's/Case-Shiller index, a measure closely followed by economists, showed Monday that US Housing Prices dropped in 19 of 20 cities in October from September. Overall, the price index slipped 1.2% month over month and fell 3.4% compared with October 2010.
Of course, in New York City's housing market, things are getting tougher as well. In this environment, it is hard to sell your house.
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