Home prices drop more than expected in November

Home prices drop more than expected in November

NEW YORK (Reuters) - Single-family home prices fell more than expected in November, highlighting a sector that continues to struggle to make a meaningful recovery, a closely watched survey showed on Tuesday.

The S&P/Case-Shiller composite index of 20 metropolitan areas declined 0.7 percent on a seasonally adjusted basis, a bigger drop than the 0.5 percent economists had expected.

The decrease added on to the 0.7 percent decline seen in October.

"Despite continued low interest rates and better real GDP growth in the fourth quarter, home prices continue to fall," David Blitzer, chairman of the index committee at Standard & Poor's, said in a statement.

"The trend is down and there are few, if any, signs in the numbers that a turning point is close at hand."

Prices in the 20 cities also steepened their year over year decline, falling 3.7 percent compared to a 3.4 percent decline the previous month.

(Reporting By Leah Schnurr; Editing by Padraic Cassidy)


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