U.S. Home Prices Post Record 18% Annual Drop in October

[MoneyMorning]

Falling sales and rising foreclosures has chopped 18% from home prices in 20 major U.S. cities from Oct. 2007 to Oct. 2008, the fastest rate on record.
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Money Morning

[Ms_Margaret]

Mortgage rates fell to another all-time low, declining for the tenth consecutive week.

Government sponsored mortgage lender Freddie Mac said Thursday that fixed rates on 30-year mortgages averaged 5.01% for the week ending Jan. 8th. That's down from 5.10% last week and well below 5.87%, which is where the rate stood at this time last year.

[clintonbaisley]

I agree with you that home prices posted another record decline in October, falling 18% compared with a year earlier, according to a closely watched report released Tuesday. On a monthly basis, Detroit was hit the hardest, with home prices falling 4.5% from September to October of this year.