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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)


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