Survey: Detroit Home Prices Continue To Fall

Home prices in America's largest cities, including Detroit, are falling and are projected to continue the downward trend in 2011.

The Standard and Poor's/Case-Shiller home price index for the nation's 20 biggest cities fell 1.3 percent between Sepember and October.

The index for Detroit shows a 2.5 percent drop in October and a decline of five and a half percent for the year.

Average home prices in Detroit are now more than 30 percent below what they were in January of 2000.

This year is on pace to finish as the worst for home sales in more than a decade. The 20-city index has fallen nearly 27 percent from its peak in July, 2006.

(Copyright 2010 WWJ Newsradio 950. All Rights Reserved. The Associated Press Contributed to this story.)