Standard & Poor's announced Tuesday that the price of U.S. single family homes dropped 18 percent in October, compared to a year earlier.
Economists predicted the 20-city S&P/Case-Shiller index would decline 17 to 18.4 percent. The S&P/Case-Shiller index declined for the 27th straight month with all 20 cities showing a drop in prices.
In Phoenix, prices dropped 33 percent and in Las Vegas, 32 percent. The decline of housing prices in Atlanta, Seattle and Portland exceeded 10 percent for the first time.
"The bear market continues; home prices are back to their March 2004 levels," David Blitzer, Chairman of the Index committee at Standard & Poor's said in a statement.
Foreclosures are having a huge effect on the housing markets with almost 85,000 people losing their homes to foreclosure in the month of October.
Economists are not expecting prices to improve anytime soon.
"I expect it's going to get quite a bit worse over the next couple of months," Pat Newport, a real estate analyst for IHS Global Insight said. "Existing home sales reports have really been bad."
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