The S&P/Case-Shiller Index, a leading indicator of U.S. housing prices, showed declines in both of its MSA indices for September 2011. The 10-city index dropped 0.4%, and the 20-city index slid 0.6% compared to the previous month.
On a yearly basis, the 10- and 20-city indices were down 3.3% and 3.6%, respectively.
The National Index showed an annual decline of 3.9% for the third quarter of 2011, although an improvement was shown over the 5.8% annual decline posted in the second quarter. Nationally, home prices are back to their first quarter 2003 levels.