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S&P Case-Shiller Index Points to Double-Dip in Home Prices

January 25, 2011

S&P Case-Shiller Index Points to Double-Dip in Home Prices

01/25/2011 By: Carrie Bay

The latest Case-Shiller figures released by Standard & Poor’s (S&P) this morning signal home prices across the United States continue to weaken.

Based on data through November 2010, the 10-city composite of the closely watched gauge was down 0.4 percent and the 20-city composite fell 1.6 percent from their November 2009 levels.

In November, only four of the 20 metropolitan areas included in the study – Los Angeles, San Diego, San Francisco, and Washington D.C. – showed year-over-year gains. Home prices fell in 19 of 20 major metros on a month-to-month basis.

S&P’s analysts say a double-dip in home prices could be confirmed before spring.

The two composite readings remain above their spring 2009 lows. However, eight markets – Atlanta, Charlotte, Detroit, Las Vegas, Miami, Portland, Seattle, and Tampa – hit their lowest marks since home prices peaked in 2006 and 2007, meaning that average home prices in those markets have already fallen below their current cycle troughs.

(developing story)

From: http://ping.fm/fJxBa

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