Home prices fall for 10th month in row

U.S. home prices fell in October for the 10th consecutive month, declining a record 6.7 percent compared with a year ago, according to the Standard & Poor's/Case-Shiller home price index.

Miami is in the worst position of the top 20 metropolitan areas, with an annual decline of 12.4 percent. Following Miami is Tampa with a 11.8 percent decrease, Detroit down 11.2 percent and San Diego down 11.1 percent.

The only metro areas that saw an increase were Seattle with a 3.3 percent increase and Portland with a 1.9 percent increase.

''No matter how you look at these data, it is obvious that the current state of the single-family housing market remains grim,'' said Robert Shiller, who helped create the index, in a statement Wednesday.

The S&P/Case-Shiller home price index tracks prices of existing single-family homes in 10 metropolitan areas compared with a year earlier. A broader index of 20 metropolitan areas fell 6.1 percent.