Home prices in sharp turn down

"Home prices continued to plunge in November, according to a new government report released Thursday.

The Federal Housing Finance Agency (FHFA) reported that home prices fell a record 1.8% for the month, compared with October, declining at an annualized rate of nearly 20%. That follows losses of 1.2% and 1.1% in the two previous months. For the 12 months ended November 30, prices fell 8.7%, which was the largest 12-month price drop ever for the 17-year-old index.

'We've been seeing an acceleration in the rate of housing-market decline,' said Mike Moran, a real estate analyst with Daiwa Securities."

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Home prices in sharp turn down