The mess in the housing market is still far from over.

New data through November 2010 released by the S&P/Case Shiller Home Price Indices revealed that eight new markets have hit their lowest levels since home prices peaked in 2006 and 2007.

This means that average home prices in those markets have fallen even further than the lows set in the spring of 2009.

David Blitzer, chairman of the Index Committee at Standard & Poor's, said "With these numbers more analysts will be calling for a double-dip in home prices. Certainly eight cities setting new lows, and with the only positive news concentrated in southern California and Washington DC, the data point to weakness in home prices."

The 10-City Composite has reentered negative territory with a -0.4% annual growth rate in November, versus the 5.4% increase reported six months prior in May. The 20-City Composite was down 1.6% in November versus its 4.6% increase in May.