Home prices continued in free fall in November, according to the S&P/Case-Shiller Home Price Indices.
The Case-Shiller 10-City Composite Index, which was created in 1988, posted its biggest percentage decline ever, with home prices in those cities down 8.4% on an annualized basis through November. Likewise, the 20-City Composite, created in 200, set a record with a decline of 7.7%.
"We reached another grim milestone in the housing market in November," said Robert J. Shiller, chief economist at MacroMarkets LLC and an economics professor at Yale. "Not only did the 10-City Composite post another record low in its annual growth rate, but 13 of the 20 metro areas, each with data back to 1991, did the same."
According to Shiller, every metro area measured has now posted three consecutive monthly price declines. Eight metros, as well as both indices, have posted 12 consecutive monthly declines.
The largest price declines occurred in Miami, down 15.1%; San Diego, down 13.4%; Las Vegas, down 13.2%; Detroit, down 13.0%; Phoenix, down 12.9%; Tampa, down 12.6%; and Los Angeles, down 11.9%. Among other markets, San Francisco was down 8.6%; Washington down 7.8%; Minneapolis, down 6.6%; Cleveland, down 5.8%; New York, down 4.8%; Chicago, down 3.9%; Denver, down 3.1%; and Boston, down 3.0%. Only three markets--Seattle, Portland and Charlotte--still show annual gains, but all three saw falling prices since September, 2007.