Home Prices Continue Dropping Across Country
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MIAMI (CBSMiami) – Homeowners across the country hoping home prices may have finally bottomed out are not going to like the latest numbers from the Standard & Poor/Case-Shiller Home Price index.
According to the index, 19 of the 20 cities analyzed showed home prices decrease from October to November 2011.
Overall, the composite indices showed prices dropped between 3.6 and 3.7 percent.
The biggest loser in the index was Atlanta, Georgia, which saw prices drop 11.8 percent over the last year.
Las Vegas again continued to bottom out losing 9.1 percent of home value from November 2010 to November 2011.
In Miami, home prices dropped 0.5 percent from October to November. This followed a decline of 1.2 percent from October to September 2011. Year-over-year numbers showed home prices in the Miami metropolitan area fell 4.4 percent.
Detroit and Washington, DC were the only two cities that posted annual gains in the indices. Detroit prices rose 3.8 percent from 2010 to 2011, while DC prices increased by 0.5 percent.
Detroit prices had previously bottomed out, so any gain for them is nominal given how far the prices fell.