Home prices began to sag again in August as 17 of the 20 cities in the Standard & Poor's/Case-Shiller house price index posted month-to-month declines.
Still, home prices have risen 1.7% compared to a year ago, according to the firms' 20-city HPI released Tuesday morning. But the index fell 0.2% in August from July -- the first decline since the expiration of the homebuyer tax credit on April 30.
David M. Blitzer, chairman of S&P's index committee, called the August report "disappointing" because prices fell broadly in so many different markets.
"At this time, it does not seem that any of the markets are hanging on to the temporary momentum caused by the homebuyers' tax credits," Blitzer said.
The economist added that during the winter, "We'll be working through the politics of foreclosures."
