Home prices hit new lows in nine cities

The S&P/Case-Shiller Index, a bellwether for the new housing market, reported that home prices fell in 19 of the 20 metro markets across the country in November 2010 compared with October 2010. The 10-City Composite was down 0.8%, and the 20-City Composite fell by 1.0%.

In year-over-year comparisons, the 10-City Composite declined 0.4%, and the 20-City Composite fell 1.6% from their November 2009 levels. Only four MSAs (Los Angeles, San Diego, San Francisco and Washington, D.C.) showed year-over-year gains in November.

“With these numbers, more analysts will be calling for a double-dip in home prices,” said David Blitzer, chairman of the Index Committee at Standard & Poor's. Nine markets (Atlanta; Charlotte; Detroit; Las Vegas; Miami; Portland, Ore.; Seattle; Chicago; and Tampa, Fla.) hit their lowest levels since home prices peaked in 2006 and 2007.

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