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Real estate price index continues downward price trend

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The latest Standard & Poor's/Case-Shiller home-price indices report, updated through November 2011, continues a downward trend, "and there are few, if any, signs in the numbers that a turning point is close at hand," said David Blitzer, an S&P indices executive. The firm's monthly 20-city and 10-city indices track housing prices for single-family homes in large, geographically diverse U.S. metropolitan areas. The indices were down both for the month and for the year: each experienced a 1.3 percent drop in November over October levels, and fell 3.6 percent and 3.7 percent, respectively, year over year in November 2011.The drop is spread fairly evenly across the 20 tracked metros. Eighteen of the 20 experienced year-over-year declines, and 19 of the 20 experienced month-to-month declines.Detroit and Washington, D.C., are the only metros among the 20 with year-over-year rises in home price, according to the report, released Tuesday. Phoenix, the only metro with a month-t...