Home Prices in Free Fall in Metro Areas

New York, NY, January 29, 2008–Home prices fell by a record 8.4 percent in November, according to the Standard & Poor’s/Case-Shiller 10-city composite home price index.

It was the biggest year-to-year drop since a 6.7 percent decrease in October and was the 11th straight monthly decline. The index tracks prices of existing single-family homes.

The 20-city composite index also was down 7.7 percent in November compared to a year ago.

Fourteen of the 20 metropolitan areas had their single largest monthly decline on record in November.