Wednesday, January 28, 2009

Home Price Index Fell Again in Nov.

Keun H. Maeng
By Jack Healy

Battered home values in 20 of America’s biggest metropolitan areas fell even farther in November, according to a widely watched measure of housing prices released Tuesday.

Home prices in November dropped 18.2 percent from a year earlier, not quite as bad as economists had expected, according to the Standard & Poor’s Case-Shiller Home Price Index. Prices in 11 of the 20 metropolitan areas surveyed fell at record rates, and 14 areas reported double-digit declines from November 2007.

The 20-city index for November fell to 154.59, its lowest point since January 2004.
“The disappointing news is that the declines are still accelerating,” said Adam York, an economic analyst at Wachovia. “It emphasizes just how much stress the housing market is under.”

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