Case-Shiller: No clear sign of recovery

November home prices fell year-over-year in 16 out of 20 markets covered in the Standard & Poor's/Case-Shiller Home Price Indices, according to a report published Tuesday.

Prices dropped 5.3 percent in the 20-city composite and 4.5 percent in the 10-city composite, a smaller decline year-over-year than in October when the former registered a 7.3 percent decline and the latter a 6.4 percent decline. Both composites registered a 0.2 percent drop month-to-month.

November was the third consecutive month of single-digit declines in home prices after 20 consecutive months of double-digit declines, the report said.

"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," said David M. Blitzer, chairman of the index committee at Standard & Poor's, in a statement.

In contrast to October, when prices declined in every market, four metropolitan areas entered into positive territory in November compared to the same period the year before: Dallas gained 1.4 percent, Denver 0.5 percent, San Diego 0.4 percent, and San Francisco 1 percent.

Los Angeles, Phoenix, Portland, San Diego and San Francisco also saw month-to-month increases from October to November, with the last registering the most consecutive months of increases: eight. Dallas and Miami remained flat.

The rest saw decreases. The metro areas with the biggest year-over-year price declines were Las Vegas at 24.5 percent, Phoenix at 14.2 percent, Tampa at 13.2 percent, and Detroit at 13 percent. ...CONTINUED

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