Industry News

Record home-price declines continued in November

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Record declines in prices for existing single-family homes continued in November, as the nation continued to experience a significant slowdown in home sales activity. November marked the 11th consecutive month of negative annual returns and two full years of decelerating returns, according to the indices released today from S&P/Case-Shiller. A monthly 10-city composite index showed an annual decline of 8.4 percent, a new record low, while a monthly 20-city composite index recorded an annual decline of 7.7 percent. The metro areas tracked in the Composite-20 Index include: Atlanta, Boston, Charlotte, Chicago, Cleveland, Dallas, Denver, Detroit, Las Vegas, Los Angeles, Miami, Minneapolis, New York, Phoenix, Portland, San Diego, San Francisco, Seattle, Tampa, and Washington, D.C. All but three cities in the 20-city index showed year-over-year price declines in November. The cities with the highest year-over-year declines were: Miami, with a 15.1 percent decline; San Die...