Schussing the black diamond: home prices go straight down

To a skier, schussing a black diamond means going straight down a very steep trail. Which pretty much describes what’s happening to the housing market—and not just in ski country. Today, Standard & Poor’s announced the biggest annual decline yet recorded in the S&P/Case-Shiller 10-City Composite Home Price Index. Prices in 10 big metro areas fell 6.7% from October 2006 through October 2007. That exceeds the 6.3% annual decline through April 1991, which was during a recession. (The 10-city series began in 1987.)

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