Home Prices Continue Their Decline

The chart below shows the home price indexes released this past month from Core Logic (blue line) and Case Shiller (red and yellow line).  The price declines continue month, after month, after month.  Buckle up because we have just under 10 million (if price declines stopped today) homes in shadow inventory waiting on deck to flood the market with supply.

"The trend is down, and there are few, if any, signs in the numbers that a turning point is close at hand," says David Blitzer," chairman of S&P's index committee.

November home prices

Metro area	Index Nov. 2011	Chg. from Oct.	Chg. from Nov. 2010
Atlanta	88.93	-2.5%	-11.8%
Boston	150.34	-1.6%	-1.6%
Charlotte	111.25	-0.5%	-1.9%
Chicago	112.46	-3.4%	-5.9%
Cleveland	98.94	-0.8%	-1.1%
Dallas	113.97	-1.3%	-0.8%
Denver	124.79	-0.5%	-0.2%
Detroit	70.66	-2.4%	3.8%
Las Vegas	91.41	-1.0%	-9.1%
L.A.	163.92	-1.0%	-5.4%
Miami	137.47	-0.5%	-4.4%
Minneapolis	113.25	-0.6%	-5.0%
New York	165.66	-1.1%	-2.3%
Phoenix	101.12	0.6%	-3.6%
Portland	133.26	-1.6%	-4.8%
San Diego	151.45	-0.9%	-5.4%
San Fran.	129.78	-1.9%	-5.5%
Seattle	132.65	-1.2%	-6.3%
Tampa	125.32	-1.1%	-6.1%
Washington	184.75	-1.1%	0.5%

h/t Calculated Risk, USA Today