S&P/Case-Shiller Home Price Index Declines by 18.2% in November

The S&P Case-Shiller home price index fell in line with expectations in November as the 20-city composite index posted a decline of 18.18% to a reading of 154.59. Economists had forecast a 18.40% drop.

The three-month annualized rate of decline was 22.29% in November, compared to the 18.39% rate in October and the 17.40% reading in September.

The U.S. Composite-20 Index fell 2.23% in the month, with Tampa leading the way with a 2.77% decline, followed by Atlanta, which recorded a 2.66% decline.

In annual terms, Miami reported a decline of 28.73%, while prices in Los Angeles are down 26.86% compared to a year ago.

By Stephen Huebl and edited by Nancy Girgis
©CEP News Ltd. 2009