Home Prices Eroded Further in October
Annual home price increases fell back into single digits in October. Both the S&P CoreLogic Case-Shiller and Federal Housing Finance Agency’s (FHFA’s) Home Price Index reported that rising interest rates have essentially ended two years of explosive appreciation, and in many cases, home prices have begun to decline.
The Case-Shiller National Index, which covers all nine U.S. census divisions, rose 9.2 percent year-over-year in October, compared to a 10.7 percent increase the previous month. The 10-City Composite annual increase came in at 8.0 percent, 1.6 percentage points lower than in October, while the 20-City Composite’s gain was 8.6 percent, down from 10.4 percent. All 20 cities reported lower price increases in the year ending in October versus the year that ended in Sept
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