San Francisco Sees Biggest Drop in Price Per Square Foot

Bloomberg reports:

Home prices fell in 24 of 25 U.S. metropolitan areas in November from a year earlier as the recession and tighter lending spurred record foreclosures.

The San Francisco area saw the biggest drop, with the average price per square foot falling 36.8 percent, New York- based Radar Logic Inc. said in a report today. Phoenix had the next biggest decline, falling 34.6 percent, and Las Vegas slumped 32.4 percent. Milwaukee, Wisconsin was the only area where prices rose, gaining 2.4 percent, Radar Logic said.