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Tuesday
Jan252011

Report: Average Home Prices Fall In Most Big Cities

Photo Courtesy - Getty Images(WASHINGTON) -- A new report indicates the mess in the housing market is far from over. Data released on Tuesday showed average home prices continuing to fall in most big cities.

The latest S&P/Case-Shiller index tracked a 1 percent drop in November from October. Though markets vary from city to city, average prices in eight out of 20 cities hit their lowest point since the housing bust.

"Until consumers are convinced that home prices will move no lower, home sales will be lower than otherwise," said John Lonski, chief economist at Moody’s.

"The unfinished slide by home prices may push more home mortgage holders underwater."

Copyright 2011 ABC News Radio

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