December 27, 2007 — Home prices in 20 US metropolitan areas fell in October by the most in at least six years, raising the risk that more Americans will walk away from properties that are worth less than they owe.

Values fell a greater-than-forecast 6.1 percent from October 2006, the S&P/Case-Shiller home-price index showed yesterday. The decrease was the biggest since the group started keeping year-over-year records in 2001.

Prices will continue falling as record foreclosures put even more homes on the market and stricter lending rules make financing tougher to get. Declining values also pose a risk to consumer spending by making it harder for owners to tap home equity for extra cash.

“You are likely to see more people giving up on their loans as they end up with little or no equity in their homes,” said Abiel Reinhart, a JPMorgan Chase economist. “It’s one more factor that weighs on the path of consumption.”

Compared with a month earlier, home prices dropped 1.4 percent, the biggest one-month decline since records began. The figures aren’t seasonally adjusted, so economists prefer to focus on the year-over-year change.

The New York metro area reported a 4.1 percent drop in October, compared with a year ago, while the 0.4 percent decline from September to October was slightly higher than the 0.3 percent drop recorded from August to September.

Overall, 17 of the 20 cities in the S&P/Case-Shiller index showed a year-over-year decline in prices, led by 12 percent slumps in Miami and Tampa, Fla. Three cities, Charlotte, NC, Seattle and Portland, Ore., showed an increase from a year earlier.

All 20 areas covered showed a drop in prices compared with September.

A police officer who died after attending a disturbance in north London was a 48-year-old father of three, Scotland Yard said today.

The officer was one of two called to a home in Brinkburn Gardens, Wembley, at around 5pm yesterday, after an emergency call reporting a domestic incident.

His colleague was allegedly assaulted inside the house before the 48-year-old collapsed and died outside the property.

The officer who died “was involved in effecting the arrest”, Scotland Yard said today.

A man in his 30s was initially arrested at the address for assaulting a police officer, and was later detained on suspicion of murder. He is in police custody.

This morning, the north London cul-de-sac in which the incident took place remained cordoned off.

The Home Office minister, Tony McNulty, said he was “deeply saddened” to hear the news of the death.

“Events such as this highlight the dangers that our police officers face every day when protecting the public,” he said. “This is a tragic event and I offer my deepest sympathy to the officer’s family, friends and colleagues.”

Jan Berry, the chairman of the Police Federation of England and Wales, said the officer had paid the “ultimate sacrifice”.

“Police officers never know what dangers they may face when out on patrol. Regrettably, the service has lost another valued colleague.”

A police spokesman said the officer’s next of kin had been informed.

December 27, 2007 — Crude oil resumed its upward march toward $100 a barrel - raising new alarms that surging gas pump prices could slow consumer spending to recession levels in 2008.

Crude jumped 2 percent here after analysts predicted that government data today will show the nation has used much more crude than expected, causing inventories to drop for the sixth straight week.

Geopolitical unrest also pushed up prices, as Turkish war planes bombed Kurdish guerrilla targets in northern Iraq yesterday.

Oil has lingered in a holding pattern below its all-time record close of $99.29 on Nov. 21.

Many investors believe an economic slowdown will cut consumption and bring lower prices.

The benchmark West Texas crude rose here $1.84 to $95.97 a barrel after climbing as high as $96.54.

Meanwhile, another type of crude oil traded here - Light Louisiana sweet crude - rose to a record $99.72 a barrel.

The Louisiana crude - admired for its refining excellence - sells for a $3.75 premium over the West Texas variety.

Other types of crude with high sulfur content that’s more difficult to process - such as some types from the Middle East - sell for about $6 less a barrel than the West Texas stuff.

Gas pump prices are about 53 percent higher than the prior holiday period.