Home prices not yet expected to rebound: survey

NEW YORK (Reuters) - The percentage of U.S. homeowners who say the price of their homes has fallen in the last year fell slightly in November from a historic high in October, a survey released on Friday showed, but homeowners see little gain in value in the year ahead.

A Reuters/University of Michigan survey of consumers showed 26 percent of all homeowners reported a decrease in their home values, down from 28 percent in October.

"The small change, however, does not indicate an end to the decline," said Richard Curtin, Surveys Director at the University of Michigan Institute for Social Research.

The expectation of a home value decline during the year ahead fell to 16 percent in November from 22 percent in October. Owners of the most expensive homes expected a decline of 0.8 percent in value while those who owned the least expensive ones foresee a gain of 0.7 percent.

The expected increase in value for the year ahead has a meager mean of 0.1 percent, the survey showed.

Sales of existing homes sank in September to the lowest on record dating to 1999, battered by mounting foreclosures and tighter lending practices, the National Association of Realtors said.

U.S. home builder sentiment as tracked by the National Association of Home Builders, due out on Monday, is expected to reach a record low, according to a Reuters survey.

(Reporting by Rodrigo Campos; Editing by Tom Hals)