No surprise for HP'ers.
Remember this index is just a brief look at the US, looking at 20 US metro areas.
But one thing I think you can take away from this record decline reported today is that there aren't 21 reasons to buy a home in a Housing Ponzi Scheme area. There's not even one. We're dropping like a rock now as the fraud gets washed away and we head right back to where we started.
'We reached another grim milestone in the housing market in November,' said Robert Shiller, chief economist at MacroMarkets LLC.
'Not only did the 10-city composite index post another record low in its annual growth rate, but 13 of the 20 metro areas, each with data back to 1991, did the same,' Shiller said.
The weakest market in November was Miami, where prices fell 15.1 pct in the past twelve months. Detroit, Las Vegas, Los Angeles, Phoenix, San Diego and Tampa also posted double digit declines.
There was also this new home sales data that came out earlier, showing a record drop of 26% in volume, a 9-month supply, and prices down 10% from last year. But don't put too much into this faulty report, which doesn't include the massive incentives and records a sale even if the contract is cancelled, which 30%+ are.