Shiller: Home Price Slide Accelerates

U.S. home prices declined in October, setting a new record for a one-month drop.

It was the 10th straight price drop, falling 6.7 percent year on year, according to the Standard & Poor's/Case-Shiller home price index, which measures existing home sales in 10 key metro areas.

The previous record decline was 6.3 percent, in April 1991.

"No matter how you look at these data, it is obvious that the current state of the single-family housing market remains grim," said Yale Professor Robert Shiller, who helped create the index, in a statement.

Prices fell 1.4 percent in October compared to September.

A broader index of 20 metros fell 6.1 percent. Of those 20 areas, 11 fell by record amounts during October.

"This is just the beginning," Peter Schiff, a Connecticut investment adviser, told CNNMoney. "Pressure is there for much, much lower prices.â€