Home prices dropped in November everywhere except Phoenix

Washington. U.S. home prices fell for a third straight month in nearly all cities tracked by a major index. The declines show that most homeowners are not reaping the benefits from some signs of an improving housing market. Prices dropped in November from October in 19 of the 20 cities tracked, according to the Standard & Poor's/Case-Shiller home-price index released Tuesday. The biggest declines were in Atlanta, Chicago and Detroit. Phoenix was the only city to show an increase. The decline partly reflects the typical fall slowdown after the peak buying season. Still, prices declined in 18 of the 20 cities in November compared to the same month in 2010. Only Washington and Detroit posted year-over-year increases. And prices have fallen 33 percent nationwide since the housing bust, to 2003 levels. The Case-Shiller index covers half of all U.S. homes. It measures prices compared with those in January 2000 and creates a three-month moving average. The November data are the latest available.

Click here to view this article from its source.