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Home prices continued decline in November

Housing prices continued to fall in November, according to a recent report.

Housing prices continued to fall in November, according to a recent report.

Data recently released by S&P Indices showed that home prices continued to decline in November, with drops of 1.3 percent for the 10- and 20-city composites in November over October.

For the second month straight, 19 of 20 cities that the indices cover saw home prices decrease. New York and Tampa, Florida saw no change in annual returns in November while Charlotte, Cleveland, Denver, Minneapolis and Phoenix saw their annual rates improve.

“Despite continued low interest rates and better real GDP growth in  the fourth quarter, home prices continue to fall," said David Blitzer, chairman of the index committee at S&P Indices. "Weakness was seen as 19 of 20 cities saw average home prices decline in November over October. The only positive for the month was Phoenix, one of the hardest hit in recent years. Annual rates were little better as 18 cities and both composites were negative."

While most cities showed declining numbers, Atlanta continued to post the lowest annual return while Detroit and Washington, D.C., were the only two cities to post positive annual returns in November.

The November Case-Shiller housing numbers showed that home prices declined 3.7 percent from the year before, giving more Americans an opportunity to pack moving boxes and move into a home for an affordable price.