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NEW YORK — U.S. home prices plunged a record 8.4 percent in November, marking two years of slowing returns, according to a key index Tuesday.
The decline in the Standard & Poor’s/Case- Shiller 10-city composite home-price index was the 11th straight monthly decline.
“Nothing in these numbers suggest a bottoming out,” said David Blitzer, S&P’s managing director and chairman of the index committee.
The broader 20-city composite index also was down year-over-year, falling 7.7 percent in November. Robert Shiller, chief economist at MacroMarkets LLC and one of the architects of the index, noted that 14 of the 20 metropolitan areas posted their single largest monthly decline on record in November.
The Associated Press
