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 percent month-over-month and was down 3.7 percent from November 2010.
Home prices in Seattle dropped to their lowest points since the housing crisis began. Nationwide, prices have fallen 33 percent nationwide since the housing bust, to 2003 levels.
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.
Atlanta continued to show the most pain, posting a new index low. That city was down 2.5 percent over the month, after dropping 5 percent in October, 5.9 percent in September and 2.4 percent in August.
Las Vegas, Seattle and Tampa, Fla., all reached new lows in November.
The one city to show rising prices was Phoenix, with a 0.6 percent increase.
Given the continued malaise in the housing bust, the Obama administration has taken new measures to try to right the housing market as it enters its fifth year of decline.
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