Standard and Poor’s reported that the November data for the Case-Shiller Home Price Index indicated further declines, the 20-city index falling 1.3 percent for the second straight month as property values declined in 19 of the 20 cities, also for the second month in a row. On a year-over-year basis, the 20-city index is now down 3.7 percent.

On a seasonally adjusted basis, home prices were down only 0.7 percent with three cities seeing gains and David M. Blitzer, Chairman of the Index Committee at S&P Indices, was not hopeful when he noted the following:

Despite continued low interest rates and better real GDP growth in the fourth quarter, home prices continue to fall … The trend is down and there are few, if any, signs in the numbers that a turning point is close at hand.

It looks like policy makers in Washington might want to accelerate plans for the next attempt at rescuing the housing market, that is, before prices fall too much further.