Yesterday, S&P Case/Shiller is out with their November S&P Case/Shiller Home Prices Indices and the news couldn’t be worse. This record decline in home prices is in adition to the horrible news we got the before regarding sales of new homes.

“We reached another grim milestone in the housing market in November,” said Robert Shiller, Chief Economist at MacroMarkets LLC and co-creator the index in a statement.

“Not only did the 10-city composite index 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.”

The worst hit market of the 20 metro areas covered was Miami, where the median home fell a whopping 15.1 percent in value. San Diego prices also fell steeply, down 13.4 percent. Las Vegas was off 13.2 percent and Detroit by 13 percent.

Source: By Real Estate Bubble Blog