New York falls in Case-Shiller Index

Average home prices in metro New York dropped .81 percent from October to November, according to the S&P/Case-Shiller Index, which excludes condos. The index also indicated a drop for New York of 4.8 percent from the year before to 203.88 in November 2007. This dive was less steep than that of the report’s 10-city index, which fell 8.4 percent from November 2006 to November 2007, the index’s largest year-over-year decline ever. The 20-city index fell 7.7 percent over the same period, also a record. TRD