US home prices declined in September

Rick Bowmer / AP

A home is shown for sale. The S&P/Case Shiller composite index of 20 metropolitan areas fell 0.6 percent from August on a seasonally adjusted basis.

By msnbc.com news services

U.S. single-family home prices declined in September, highlighting the fragility of a market that is struggling to get back on its feet, a closely watched survey showed Tuesday.

The S&P/Case Shiller composite index of 20 metropolitan areas fell 0.6 percent from August on a seasonally adjusted basis. A Reuters poll of economists had forecast no change.

Prices in August were also revised to show a decline of 0.3 percent after originally being reported as unchanged.

?The broader trend here is that home prices over the last few months continue to get weaker,? David Blitzer, chairman of the Index Committee at Standard & Poor?s, told CNBC.

Consumer attitude have gotten a lot of more negative, particularly when it comes to making a long-term commitment, such as buying a home, Blitzer added.

The index has leveled off in recent months and analysts are hoping the market is at least stabilizing.

"Over the last year home prices in most cities drifted lower,"?Blitzer said. "The plunging collapse of prices seen in 2007-2009 seems to be behind us. Any chance for a sustained recovery will probably need a stronger economy."

For the third quarter, prices were down 1.2 percent from the previous quarter on a seasonally adjusted basis and were down 3.9 percent from the third quarter a year ago.

Compared to a year ago, price declines in the 20 cities continued to improve in September and were down 3.6 percent after a year over year decline of 3.8 percent the month before.

Reuters contributed to this report.

Source: http://bottomline.msnbc.msn.com/_news/2011/11/29/9090420-us-home-prices-declined-in-september

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