For a second consecutive month, 19 of the 20 cities covered by S&P/Case-Shiller Home Price Indices saw home prices decrease. Both the S&P's 10- and 20-city indices decreased 1.3 percent in November from October.
The 10- and 20-city composites posted annual returns of -3.6 percent and -3.7 percent versus November 2010, respectively. As of November, average home prices across the United States are back to mid-2003 levels, and home prices have declined 32.9 percent from a peak in June/July 2006, according to an S&P release.
"Despite continued low interest rates and better real GDP growth in the fourth quarter, home prices continue to fall," said David M. Blitzer, chairman of the Index Committee at S&P Indices. "The trend is down and there are few, if any, signs in the numbers that a turning point is close at hand."
