Miami leads nation in plunging home prices

Greater Miami's home prices fell at an annual rate of 12.4 percent, according to the latest national numbers released Wednesday.

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.