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.
He noted that prices fell 5% in Atlanta from September to October, 1% in Cleveland, 1.8% in Chicago, 2.8% in Minneapolis and 3.3% in Detroit.
The S&P Case-Shiller HPI has fallen for two straight months after posting five consecutive monthly gains over the spring and summer months.
The HPI is not seasonally adjusted and appears to be following a normal seasonal pattern.
Compared to a year ago, the HPI is down 3.4%.
