U.S. Home Prices Tumble Again

The Standard & Poor's Case-Shiller index was revealed today showing that U.S. home prices fell once again in November. In fact, most metropolitan markets posted declines.
In spite of lower prices and record low interest rates there is still an overwhelming number of foreclosures,

David M. Blitzer, chairman of the index committee at S&P Indices, noted that for November, the Case-Shiller index of 10 major metropolitan areas and the 20-city index both fell 1.3% from the previous month. that 19 of the 20 major U.S. metropolitan markets covered by the indices in November saw prices decline from October.

"The only positive for the month was Phoenix, one of the hardest hit in recent years," "Annual rates were little better as 18 cities and both composites were negative."

The 10-city and 20-city composites recorded negative annual returns of  3.6% and 3.7%, respectively, versus November 2010.