Home values in major U.S. cities continued to fall at a record pace in November, with Southern California posting some of the steepest declines in a national index released Tuesday.
Miami saw a 15.1% drop in November compared to a year earlier, the worst among 20 metropolitan areas in the Standard & Poor's/Case-Shiller composite index. But an Diego was close behind with a 13.4% decline.
The November index of 10 metropolitan areas saw a year-over-year annual decline of 8.4%, the sharpest annual plunge since the index began in 1987. It was the second-straight record decline for the index, following a 6.7% drop in October
In the Washington, DC area the price index fell 7.8% compared with November 2006 . Prices continue to fall in the Washington, DC metropolitan area. In real dollars prices have fallen about 10% this past year.
For more numbers go to Case Shiller S&P Index. The prices declines in the metro area are accelerating with the Case Shiller S&P Index showing October 2007 prices declines 1.1%. For comparison purposes in November 2007 prices fell 1.8% (in that month alone). This housing bust is accelerating; expect further prices declines during the coming months in the Washington, DC area.