The Lookout

Home prices still dropping

Zachary Roth
The Lookout

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Today's news brings fresh evidence that the housing market may not have hit bottom, nearly four years after it started to go south:

Prices fell by 1 percent in November, according to the Case-Shiller home price index, which tracks prices in 20 major U.S. cities. That marks the fourth straight month of decline since the federal home-buyer tax credit expired last summer.

In the last year, prices have fallen 1.6 percent, with foreclosures and unemployment remaining high.  As we reported last week, sales of previous existing homes dropped in 2010 to the lowest level since 1997.

(File photo: AP/David J. Phillip)

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