Report shows continued drop in Twin Cities home prices

A new report shows Twin Cities home prices dropped between September to October.

The Standard & Poor's/Case-Shiller 20-city home price index fell 1.3 percent from September to October. It was the fifth consecutive month of declines, following improvements earlier this spring.

Prices in the Twin Cities dropped nearly 2 percent. It wasn't the biggest drop -- four other cities in the index suffered equal or greater declines.

A few markets' home prices hit their lowest levels yet in October since tilting downward in 2006 and 2007.

The chair of the Index Committee at Standard & Poor's says the nation's housing market is plagued by weak sales and a bloated inventory of homes. He says mortgage delinquency rates are moderating only slightly and are still well above historic averages.