More record home price declines

Macromarkets just released the November data(.pdf) for the S&P/Case-Shiller Home Price Indices showing an 8.4 percent year-over-year decline for the 10-City Composite Index, the steepest decline on record. Indices for individual cities are shown below:
The decline in the 10-City Composite Index exceeded the record set last month and the 20-City Composite Index fell 7.7 percent from year-ago levels, also a new record.

Robert Shiller, Chief Economist at MacroMarkets LLC, commented:

““We reached another grim milestone in the housing market in November. Not only did the 10-City Composite post another record low in its annual growth rate, but 13 of the 20 metro areas, each with data back to 1991, did the same. If you look at the monthly figures, every MSA has now posted three consecutive monthly declines. Eight of these MSAs, in addition to the two composites, have had more than 12 consecutive months of falling prices. Fourteen of the 20 MSAs, in addition to the two composites, recorded their single largest monthly decline on record in November. For the 10-City and 20-City composites this was a decline of 2.2% and 2.1%, respectively, over October”

In tabular form, the November data looks like this:
Miami showed the biggest annual decline at minus 15.1 percent, followed by San Diego at minus 13.4 percent and Las Vegas at minus 13.2 percent.