Home prices fell more than expected in November

I know, "but this is Manhattan"..... REUTERS "Although housing reports towards the end of 2011 indicated a less dire market was forming with construction activity, builder confidence, and home buying on the rise, the S&P/Case-Shiller HPIs measured even larger declines in November home values, as 20-city index fell 3.7% from November 2010, which is an extension from October's annual decline of... [more]

I know, "but this is Manhattan"..... REUTERS "Although housing reports towards the end of 2011 indicated a less dire market was forming with construction activity, builder confidence, and home buying on the rise, the S&P/Case-Shiller HPIs measured even larger declines in November home values, as 20-city index fell 3.7% from November 2010, which is an extension from October's annual decline of 3.4%. This compares to expectations of a fall of 3.3%. The 10-city HPI, down 3.6%, also represents deepening price falls as it was down a smaller 3.2% yr/yr in the last report." "The data shows that 13 of the 20 MSAs annual returns worsened and for the second month, 19 of the 20 MSAs experienced lower prices on a monthly basis. Both HPIs are down 1.3% from October (which correlates to SA decline of 0.7%) and are close to 33% below their 2006 peaks. "As of November, home values were similar to home prices seens in mid-2003." [less]