Falling U.S. home prices in the past year have fueled rising delinquencies and foreclosures as homeowners are unable to get out of costly loans.
The broader but younger index of 20 cities recorded an annual decline of 7.7 percent in November, S&P said. Drops in the indexes were led by prices in Miami, Florida and San Diego, California, which posted annual declines of 15.1 percent and 13.4 percent, respectively.
Study Finds Houses Still to Pricey
Despite the weakness in home prices, a study has found that homeownership still remains out of reach for many people.
The study, which was commissioned by the Center for Housing Policy, found that registered nurses, retail salespersons, customer service representatives, food preparation workers and office clerks do not have the median annual income to afford their own home in most of the 201 metro regions studied.
Those jobs are the five highest-growth occupations in the country.
"We hear a lot about the 'information economy,' but the fact is most working families are still employed in traditional service occupations," Jeffrey Lubell, executive director of the center, said in a statement. "In many metro areas, these families continue to face home prices and rents that are beyond their means."
Recently, some of the the most expensive markets in California, Arizona, Florida and around Washington, DC, have seen an increase in affordability but those areas are still out of reach for many working people, the study finds.
