Home Prices are Weaker Around The Country. NY Shows Small Increase

Home Prices Fall .2% according to S&P/Case Schiller Index

With tons of new foreclosures expected to hit the market over the next several years, many expect prices to come down even further. This will hurt some areas that may have seen some sort of recovery.

This week S&P/Case Schiller released it's index for home prices for 20 major cities. 15 of those 20 cities posted declining home prices.

New York, Washington and Chicago have shown consistent price increases since the spring time. Although these increases are small and have faded over the summer, New York has had less foreclosures than these other cities.

However, the foreclosure mess is far from over with 2.4 million homeowners behind at least 90 days on their mortgage. These folks represent the "shadow inventory" as there are already 2 million loans in foreclosure.