Just as it was in October, Phoenix was the only city among the twenty top US metro areas where home prices went up in November, according to the latest S&P/Case-Shiller Home Price Indices release.  The indices showed a 1.3 percent drop in both the 10-city  and 20-city composites. Washington, DC and Detroit remain the only two metro areas where home prices for November 2011 were higher than November 2010. "Atlanta, Las Vegas, Seattle and Tampa all reached new lows in November," according to the Case-Shiller report, with Atlanta looking particularly bad with an annual drop of 11.8 percent.  Here's a look at the long term trend:

From the release:

““Despite continued low interest rates and better real GDP growth in the fourth quarter, home prices continue to fall. Weakness was seen as 19 of 20 cities saw average home prices decline in November over October,” says David M. Blitzer, Chairman of the Index Committee at S&P Indices. “The only positive for the month was Phoenix, one of the hardest hit in recent years. Annual rates were little better as 18 cities and both Composites were negative. Nationally, home prices are lower than a year ago. The 10-City Composite was down 3.6% and the 20-City was down 3.7% compared to November 2010. The trend is down and there are few, if any, signs in the numbers that a turning point is close at hand.

The crisis low for the 10-City Composite was April 2009; for the 20-City Composite the more recent low was March 2011. The 10-City Composite is now about 1.0% above its low, and the 20-City Composite is only 0.6% above its low. From their 2006 peaks, both Composites are down close to 33% through November.

Multi-family homes are showing more positive signs than single family homes.  Otherwise there just isn't much positive coming through in these Case-Shiller reports of late.  Read the full release here.