The Case Shiller Index for single family houses continues its decline. The frequently forecasted “bottom of the housing market” has, apparently, not yet arrived. All metro areas in the US, with the exception of Phoenix, experienced a decline from October 2011 to November 2011 in the non-seasonally adjusted index. Some economists now predict the market bottom by the spring of 2012.

The release of the Case Shiller Home Price Index shows a 1.2% decline in the seasonally adjusted index for the month to month change from August to September 2011 and a trivial increase of 0.1% in the unadjusted number. The New York metro area also showed a trivial improvement of 0.2% in the seasonally adjusted number and 0.1% in the non adjusted number. Nationally these results bring us back to home price levels of approximately early 2003 and brings New York back to about mid 2004.