US home prices in top cities tumbled further in November, setting new records for declines, the Standard & Poor's/Case-Shiller survey show today.
The survey showed a record year-over-year decline of 18.2% in the 20 largest US metropolitan areas and a 19.1% fall in the top 10 markets.
The monthly drop amounted to 2.2% in both the top 10 and top 20 markets, suggesting the troubled housing market has not yet hit bottom more than two years after the bursting of the property bubble.
US house prices have now fallen a massive 25% from their spring 2006 peak but show no signs of stabilising yet, analysts said.
Some of the worst declines have come in the formerly high-flying markets like Las Vegas, down 31.6% year-over-year; Phoenix, Arizona (down 32.9%); San Francisco (down 30.8%) and Miami (off 28.7%).
New York's decline was a comparatively modest 8.6%, along with several other cities that fared better like Dallas, Texas (down 3.3%) and Boston (off 7.4%), the report showed.
