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Clear Capital: Home prices begin to descend

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October home prices fell 2.8% from a year earlier, the 13th straight month of such year-over-year monthly declines, according to Clear Capital. Home prices increased 0.6% from the previous three months, which flattened out from the 3.5% in gain the month before. Alex Villacorta, director of research and analytics at Clear Capital, said homebuyer demand is expected to decay even more in the coming months as the flow of distressed inventory continues. "October home price gains have leveled out, confirming what our data has pointed to over the last several months," Villacorta said. "Short term gains have been nearly eliminated while longer term performance measures point to mostly negative territory through the turn of the year." Three of the four U.S. regions posted home price gains, but they were well off their summer growth. Prices increased the most over the past three months in the Midwest at 2.6% and fell 1% out West. Prices increased the most in Cleveland at 6.2% while prices in Las Vegas fell 3.4%. "We can expect another long winter as the housing market will truly be put to the test against these downward forces," Villacorta said. Write to Jon Prior. Follow him on Twitter @JonAPrior.

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