Data through November 2007, released today by Standard & Poor's for its S&P/Case-Shiller(R) Home Price Indices, show broadbased declines in the prices of existing single family homes across the United States, marking the 11th consecutive month of negative annual returns and a full two years of decelerating returns.

The 10-City Composite's annual decline of 8.4% is a new record low. October's data, published last month, was the first report of a record low in more than 16 years, with a decline of 6.7%. The previous largest decline on record was 6.3% recorded in April 1991. In November, the 20-City Composite recorded an annual decline of 7.7%. The 20-City Composite does not have data prior to 2000, so it cannot be compared to the 1991 time period. It does, however, follow the 10-City Composite closely.

"We reached another grim milestone in the housing market in November," says Robert J. Shiller, Chief Economist at MacroMarkets LLC. "Not only did the 10-City Composite post another record low in its annual growth rate, but 13 of the 20 metro areas, each with data back to 1991, did the same. If you look at the monthly figures, every MSA has now posted three consecutive monthly declines. Eight of these MSAs, in addition to the two composites, have had more than 12 consecutive months of falling prices. Fourteen of the 20 MSAs, in addition to the two composites, recorded their single largest monthly decline on record in November. For the 10-City and 20-City composites this was a decline of 2.2% and 2.1%, respectively, over October."

Miami remains the weakest market, reporting a double-digit annual decline of 15.1%. San Diego followed with -13.4%, Las Vegas with -13.2% and Detroit with -13.0%. Seven of the metro areas are now posting double digit declines in their annual growth rates. Charlotte, Portland and Seattle are the only three MSAs still experiencing positive annual growth rates.