Home Prices Lose Momentum in 3rd Quarter

Home prices

didn't get the boost they needed in September, which is bad news for the housing market as whole. The national home price index fell 2.0 percent in the third quarter of 2010, after experiencing a 4.7 percent increase in the second quarter of the year, according to the latest S&P/Case-Shiller Home Price Index.

Fifteen of the 20 cities in the index's composite are down over the last 12 months, although only Tampa, Fla., hit a new low. The number of foreclosures and the end of homebuyer tax incentives likely dragged down the market. (See the end of this post for a larger view of chart.)