The latest U.S. housing data contain both disappointing and encouraging news. First the bad news. The latest S&P/Case-Shiller Home Price Index for the top 20 and top 10 cities showed a near-universal decline in prices in the nation's major metropolitan areas, year over year. In November, the 20-city index fell 1.6%, and the 10-city index fell 0.4%, over November 2009.
The prices fell even compared to the previous month: From October to November, the 20-city index fell 1%, while the 10-city index declined 0.8%. Equally distressing, only one city -- San Diego -- in the 20-city index saw a gain from October. And it wasn't much: 0.1% -- hardly enough to warrant singing "California, Here I Come."
Cities that recorded large declines include Detroit, down 2.7%; Atlanta, 2.5%; Chicago, 2.2%; and Cleveland, 2%.
Read more at DailyFinance.com.
For more insight on mortgages and refinancing see these AOL Real Estate guides:
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How to Get a Low Mortgage Rate
- When to Refinance
- Four Ways to Benefit From a Cash-In Refinance
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