Home prices fell in November, according to the latest Standard & Poor's (S&P)/Case-Shiller Home Price Indices.
During November, home prices declined 1.3% for both the 10- and 20-city composites. For a second consecutive month, 19 of the 20 cities covered by the indices saw home prices decrease.
The 10- and 20-city composites posted annual returns of -3.6% and -3.7% versus November 2010, respectively. These are worse than the -3.2% and -3.4% respective rates reported for October.
‘Despite continued low interest rates and better real gross domestic product growth in the fourth quarter, home prices continue to fall,’ says David M. Blitzer, chairman of the index committee at S&P Indices. ‘The only positive for the month was Phoenix, one of the hardest hit in recent years. The trend is down, and there are few, if any, signs in the numbers that a turning point is close at hand.’