Home prices in the nation’s largest metropolitan regions continued their descent in December.
The widely followed Standard & Poor’s/Case-Shiller Index, which tracks the real estate market in 20 major U.S. cities, showed that prices dropped 2.4% in December from the same month a year earlier, the third consecutive year-over-year decline.
The index fell 1% in December from November, marking the fifth consecutive monthly decline.
La-fi-case-shiller “Despite improvements in the overall economy, housing continues to drift lower and weaker,” said David M. Blitzer, chairman of Standard & Poor’s index committee.
Eleven cities posted new lows since home prices peaked in 2006 and 2007.