Here’s more bad news on the housing front:

Home prices fell for a third straight month in November in nearly all cities tracked by the Standard & Poor’s/Case-Shiller home-price index.

The declines show that most homeowners are not reaping the benefits from some signs of an improving housing market.
Prices dropped from October in 19 of the 20 cities tracked.

The biggest declines were in Atlanta, Chicago and Detroit. Phoenix was the only city to show an increase.

If you’ve been waiting to purchase a home, this is good news. But for many stuck in underwater mortgages, this is terrible news.