"Home prices across the United States declined 16.6 percent in the third quarter from the July-to-September period a year ago, according to the Case-Shiller Home Price Index, a widely watched gauge released Tuesday by Standard & Poor’s.

"Prices declined in September in all 20 cities surveyed in the Case-Shiller report, with San Francisco and Phoenix suffering the biggest drops. Compared with a year ago, prices in Phoenix have dropped 31.9 percent, followed closely by Las Vegas with a 31.3 percent decline.

"Los Angeles, Miami, San Diego and San Francisco all had annual declines of more than 26 percent. Prices in New York have fallen 7.3 percent since September 2007."[1] [2]