Reply #9: Major home markets' slump continues

[ozymandius]

Boston and Detroit led the way down, according to latest figures from Case Shiller Weiss. Seattle bucks the trend.

NEW YORK (CNNMoney.com) -- Housing prices fell in nearly every major U.S. market in November, though some Northwest markets are bucking the trend, according to the latest numbers from Case Shiller Weiss.

Boston prices have swooned by 5 percent for the 12 months through November and Detroit was off 4.5 percent. Of 20 major cities tracked, all but three showed declines in November and seven recorded 12-month losses.

Northwest cities have best weathered the storm with Seattle showing a year-over-year increase of 13 percent and Portland a gain of 11.6 percent. In November, Miami led all other markets with growth of 7.4 percent.

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Case Shiller's 20-city composite index, which also includes Chicago, New York, and San Diego, dropped 0.4 percent in November, after inching down 0.2 percent in October. For the 12 months, the index was up 1.7 percent, a far cry from its performance in 2005, when the index gained 15.7 percent.

http://money.cnn.com/2007/01/30/real_estate/csw_novprices/index.htm?postversion=2007013014