Home prices fell for the third consecutive month in November in almost all cities covered by the Standard & Poor’s/Case-Shiller home price index, the Associated Press reported.
Prices dropped from October in 19 of the 20 cities tracked. The biggest declines were in Atlanta, Chicago and Detroit. Phoenix was the only city to show an increase.
November's decline partly reflects the typical fall slowdown after the peak buying season.
Still, prices declined in 18 of the 20 cities compared with the same month in 2010. Only Washington and Detroit posted year-over-year increases. And prices have fallen 33% nationwide since the housing bust, to 2003 levels.
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