House prices fell 1.2% in October after dipping 0.7% in September, according to new figures released by Standard & Poor's Tuesday morning.

S&P reported that prices fell in 19 of the 20 metropolitan areas tracked by the Case-Shiller house price index. Only Phoenix managed to post a month-over-month increase of 0.3% in October. Atlanta and four Midwest cities "really stand out in terms of recent relative weakness," said S&P's index committee chairman David Blitzer.

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