HPI Shows 2.1% House Price Decline

House prices declined 2.1% in November, and prices were down 7.7% on a year-over-year basis, according to the Standard & Poor's/Case-Shiller housing price index, which covers 20 metropolitan statistical areas. "We reached another grim milestone in the housing market in November," said Robert Shiller, chief economist at MacroMarkets LLC. Fourteen of the 20 MSAs recorded their largest monthly decline on record in November. And every MSA has now posted three consecutive monthly declines, he said. The S&P/Case-Shiller HPI shows Miami is the "weakest market," with a 15% annual decline in house prices, followed by San Diego (down 13.4%), Las Vegas (down 13.2%), and Detroit (down 13.0%). Charlotte, N.C., Portland, Ore., and Seattle are the only MSAs still experiencing price appreciation, according to the index.