Filed under: Bad news, Economic data, Housing, Recession

Home price depreciation accelerated in November, with prices falling in all 20 cities surveyed by the Case-Shiller Home Price Index, survey officials announced [pdf] Tuesday.

Prices fell a record 2.2% in November 2007, and 7.7% in the past year. Just as ominous, home prices fell in all 20 cities in November 2007, and prices in the last three months fell at a 16.2% annual rate. In addition, the survey’s original 10-city index fell 8.4% in the past year.

Miami recorded the largest price decline, down 15.1%; followed by San Diego, down 13.4%; Las Vegas, down 13.2%; and Detroit, down 13%.

A tell-tale stat

Economist Steve Affinito told BloggingStocks Tuesday the Case-Shiller data is yet another tell-tale statistic regarding the condition of the U.S. housing sector.

Continue reading Home prices fall 7.7% in past year, according to Case-Shiller Index

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