Data through November 2008, released today by Standard & Poor’s for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, shows continued annual rates of decline of the 10-City and 20-City Indices continue to improve in spite of price declines across the markets during November.

U.S. home prices declines were recorded in November for the first time in seven months, according to an industry report released Tuesday.

The S&P/Case-Shiller 20-city home price index recorded a decline of 0.2% from October. Prices were 5.3 percent below November 2008 figure. All 20 metro area November readings showed annual rates of decline compared to October.

Of the 20 metro areas 11 showed record rates annual declines. The declines were unexpectedly large. Experts had forecast that prices would be off by only 5 percent compared with last November.

"While we continue to see broad improvement in home prices as measured by the annual rate, the latest data show a far more mixed picture when you look at other details." said David M. Blitzer, Chairman of Index Committee of the Standards and Poor’s. "Only five of the markets saw price increases in November versus October."

Four markets surveyed and included in the index namely Charlotte, Las Vegas, Seattle and Tampa hit their lowest index levels in four years, according to Blitzer. All the price gains in recent months have been erased.

Five markets registered month-over-month gains namely: Los Angeles, Phoenix, Portland, San Diego and San Francisco. They were led by Phoenix with 1.1 percent gain. Prices have risen in Los Angeles, Phoenix, San Diego and San Francisco for at least six consecutive months

Year over year, Dallas, Denver, San Diego and San Francisco have all entered positive territory, something not seen in at least two years in most markets.

Thirteen markets had declines; with Chicago down by 1.1 percent led the decliners. Miami and Dallas showed no change.

Blitzer cautioned, however, that November is a weak time of year for home sales so this might not be a harbinger. In fact, when the data is adjusted for seasonable variations, 14 of the markets recorded gains.

Experts think that home price have yet to reach rock bottom and may further drop by about 5 percent or so by the end of 2010.

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