Home prices in the nation’s biggest cities fell for the third consecutive month in November, a sign the housing market ended 2011 in a weakened state.
The closely followed Standard & Poor's/Case-Shiller index showed price declines in 19 of the 20 cities it tracks in November – the second month in a row that nearly every city in the index was in negative territory. The index fell 1.3% month-over-month and was down 3.7% from November 2010.
Home prices often fall during the winter months as more purchases are done in the spring and summer months. But the three consecutive downward drops mean prices are likely to continue to keep falling in 2012.
“Despite continued low interest rates and better real GDP growth in the fourth quarter, home prices continue to fall,” David M. Blitzer, chairman of the Index Committee at S&P Indices, said in a statement.