November Case Shiller Index Falls Again

The 20-city index fell 0.2% in November, after falling 0.1% in October.   A third month of falling prices will create a new trend.  Overall the 20-city index is down 32.6% from the peak.  Over the past 12 months, home prices are down 5.3%, an improvement from the 18.2% drop the prior year.  However, the numbers are disappointing, as only five of 20 markets showed any price improvement.  Per David Blitzer, Chairman of the Index Committee at S&P: "On balance, while these data do show that home prices are far more stable than they were a year ago, there is no clear sign of a sustained, broad-based recovery.” The November data follows: