Today, this October Standard & Poor’s/Case-Shiller report shows home prices going down in the largest 20 metro areas by 6.7%. Although, there are 3 areas — Charlotte, Portland, Ore. and Seattle — that showed year-over-year home price appreciation in October, even these 3 areas experienced a drop from the previous month.

Look at the list of the cities in Standard & Poor's Case-Shiller Home Price Index that are hurting the most and the prices changes in 1 year:

Miami -12.4%
Tampa -11.8%
Detroit -11.2%
San Diego -11.1%
Las Vegas -10.7%
Phoenix -10.6%
Los Angeles -8.8%
Washington -7.0%
San Francisco -6.2%

“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.

Miami posted the largest loss among the 20 markets reviewed. Home prices in the Miami metro area declined 12.4% in October from the same month last year.

“More likely, we’ll be well into 2009 before we start describing this housing cycle as ‘in recovery,”‘ Miller added. - By National Bubble