November Housing Prices Fall 5 Percent

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Housing prices across the U.S. have continued to decline and are expected to go lower, according to a housing report released Tuesday.

Housing prices were down 5.07 percent in November from where they were a year earlier. It was the 53rd straight month of decline.

The real estate firm CoreLogic reported that 44 states had price declines, up from 18 states in June.

The firm also said November home prices rose in six states, which included Indiana, Vermont, New York, Wyoming, North Dakota and Maine. Maine led the nation with an 8.6% jump, followed by North Dakota at 4.4%.

"We're continuing to see the influence of seasonal declines that typically depress home prices during the latter part of the year, but the fact that the rate of decline increased for November is indicative of the uphill battle we're facing with the housing recovery," said Mark Fleming, chief economist for CoreLogic.

Analysts expect prices to fall until late 2011. By the time they hit bottom, the crash will have lasted five years and prices will be 35 percent lower than they were in 2006 at their peak.

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