Home prices fall in major US cities

LOS ANGELES (AP) — Home prices are falling across most of America’s largest cities, and average prices in eight major markets have hit their lowest point since the housing bust.

The Standard & Poor’s/Case-Shiller 20-city home price index fell 1.6 percent in November from October. All but one city, San Diego, recorded monthly price declines.

Prices in Atlanta, Charlotte, Detroit, Las Vegas, Miami, Portland, Ore., Seattle and Tampa have set new lows since home prices peaked in 2006 and 2007.

Over the past year, prices have risen in four major cities. Prices rose 3.5 percent in Washington, the largest gain. Los Angeles, San Diego and San Francisco also posted gains.

Some of the worst declines came in cities hard hit by foreclosures.