Home prices declined 1.8% in November from a year earlier in the latest Federal Housing Finance Agency price index. The seasonally adjusted index rose 1% from October, when prices fell a revised 0.7% on a monthly basis. The FHFA calculates its index using the purchase price of mortgages sold to or guaranteed by Fannie Mae or Freddie Mac. November prices were 18.8% below the April 2007 peak, and equated to February 2004 levels. (Click chart to expand.)

Only two regions saw prices increases in November from a year earlier. Prices rose 2.1% collectively in Arkansas, Louisiana, Oklahoma and Texas, and 0.1% in the region of North Dakota, South Dakota, Minnesota, Nebraska, Iowa, Kansas and Missouri. The steepest year-over-year decline of 4.2% came in the Pacific region of Hawaii, Alaska, Washington, Oregon and California. Write to Andrew Scoggin. Follow him on Twitter @AScoggin.