Standard and Poor’s today released the S&P/Case-Shiller House Price Indices for November. S&P’s Davd Blitzer noted:  “With these numbers more analysts will be calling for a double-dip in home prices.”

As the chart below shows, Seattle’s first dip has yet to hit bottom. The November value of the seasonally adjusted index for Seattle is 140.77, which is 0.5% less than one month earlier and 26.2% less that the 190.71 peak value reached in May 2007.