Home prices are falling faster in the nation’s largest cities, and a record number of foreclosures are expected to push prices down further through next year. The Standard & Poor’s/Case-Shiller 20-city home price index fell 0.6% in September from August. Eighteen of the cities recorded monthly price declines. Cleveland recorded the largest decline; prices there dropped 3% from a month earlier. Prices in San Francisco and Los Angeles, which had been increasing, both fell in August from July. Washington, D.C., and Las Vegas were the only metro areas to post gains in monthly prices. The 20-city index has risen 5.9% from the April 2009 bottom. But it remains nearly 28.6% below its July 2006 peak.
Home prices falling faster in most metro areas
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