U.S. home prices deflate further

NEW YORK, Jan. 25 (UPI) -- Home prices dropped month-to-month in November in 19 of 20 monitored U.S. cities, the closely watched S&P/Case-Shiller economic index said Tuesday.

The annual growth rate for home prices slowed in 17 of 20 cities, the report said. In the 10-city index, compared to November 2009, the composite index dropped 0.4 percent. In the 20-city index, the composite index fell 1.6 percent in November compared to the same month of 2009.

Across the country, only four cities, Los Angeles, San Diego, San Francisco and Washington, D.C., showed prices higher than a year ago.

The data shows the housing market foundering from a variety of angles. Prices in eight housing markets, including Atlanta, Charlotte, N.C., Detroit, Las Vegas, Miami, Portland, Ore., Seattle and Tampa, Fla., have fallen "further than the lows set in the spring of 2009," the report said.

A month ago, S&P Index Committee Chairman David Blitzer said in a statement, "The double-dip is almost here ... there is no good news in October's report."

This month, he repeated that claim. "With these numbers more analysts will be calling for a double-dip in home prices," he said.

"While not always consecutive months, 13 (of 20 monitored cities) ... have posted at least seven months of decline since the beginning of 2010," he added.