Prices of existing U.S. single-family homes recorded their biggest annual drop in October, suggesting the housing slump is far from over, a national home price gauge released on Wednesday showed.
The Standard & Poor’s/Case-Shiller year-over-year index of 10 metropolitan areas fell to 209.68 in October, down 6.7 percent from a year earlier. The decline surpassed the 6.3 percent drop in April 1991.
The bleak housing data spurred more selling in stocks, which were already under downward pressure on worries over weak Christmas tallies among retailers.
