Home prices fell another 1% in November and values are just 3.2 percentage points above their April 2009 low, a sign that a double dip recession is in store for the nation's housing stock, according to figures compiled by Standard & Poor's/Case-Shiller.
The S&P/Case home price index (HPI), which tracks values in 20 cities, has fallen for the fourth straight month "suggesting that a double dip in prices could be confirmed before spring," said David M. Blitzer, chairman of S&P's index committee.
Home prices fell in 19 of the 20 cities, from October to November, at a time of rock bottom mortgage rates.
Overall, prices are down 1.6% from year ago and only four metropolitan areas — Los Angeles, San Diego, San Francisco and New York — posted year-over-year gains.
Since the peak in home prices in June 2006, prices are down 30.3% nationwide and are now back to 2003 levels.