Home prices in 20 Metropolitan areas fell in October by the most in at least

Six years, a private survey showed Wednesday.

  Property values fell 6.1 percent from October 2006, more that 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.

  Prices are forecast by the experts to decline even more as the jump in foreclosures

And stricter lending rules make it harder for buyers to find financing.

These declining values make it harder for owners to tap home equity

For extra cash, posing a risk to consumer spending.

  Compared with a month earlier , home prices dropped 1.4%, the biggest one month decline since records began. The index is a composite of transactions

 In 20 metropolitan areas. Seventeen  cities showed a year over year

Decline in prices, led by 12 percent slumps in Miami and Tampa.

 A report on Nov 21st from the National  Association Of Realtors show

Home prices fell in one third of U.S. cities last quarter.

 The glut of foreclosures adding to the unsold homes on the market

Is predicted to further reduce market values in many homes.

With all these predictions by the experts it seems that it may  be awhile

Before we start seeing  real improvement in this market.

James Loftis P.a.,Realtor,Broker Assoc, CRS,GRI,EPRO

http://www.RealEstate911.com