Home prices hit new lows in nine cities

The S&P/Case-Shiller Index, a bellwether for the new housing market, reported that home prices fell in 19 of the 20 metro markets across the country in November 2010 compared with October 2010. The 10-City Composite was down 0.8%, and the 20-City Composite fell by 1.0%.

In year-over-year comparisons, the 10-City Composite declined 0.4%, and the 20-City Composite fell 1.6% from their November 2009 levels. Only four MSAs (Los Angeles, San Diego, San Francisco and Washington, D.C.) showed year-over-year gains in November.

“With these numbers, more analysts will be calling for a double-dip in home prices,” said David Blitzer, chairman of the Index Committee at Standard & Poor's. Nine markets (Atlanta; Charlotte; Detroit; Las Vegas; Miami; Portland, Ore.; Seattle; Chicago; and Tampa, Fla.) hit their lowest levels since home prices peaked in 2006 and 2007.

Want to read more?
This content is available only to registered users. Log in to read the rest of this article or create a free account.
© 2014 Home Channel News. All Rights Reserved.