Tag Archives: S&P/Case Shiller Home Price Indices

The nation's Capitol stands out as the ""shining star"" in nearly every market report that crosses the wire. Washington, D.C. has consistently resisted home price declines, sales activity bucks widespread trends, and foreclosure numbers, too, have been almost non-existent due to an unofficial moratorium. Is it the absence of foreclosure property that's behind D.C.'s defiant market performance and will it turn now that emergency mediation rules have been enacted to restart foreclosures? Local experts say no, D.C. is just a market to itself.

While a number of closely-watched home price indices show national readings have slipped into a double-dip, Altos Research says it's come and gone. The firm notes that the latest Case-Shiller findings declaring a new post-recession low are based on data through the end of March. Since that time, Altos has recorded a steady uptick in prices for both major metros and mid-city markets across the country. The firm expects to see a rising and falling pattern for several years and believes the double-dip is really just the start of the next housing cycle.

The market has been battered by reports of continuing home price depreciation with both the Clear Capital and S&P/Case-Shiller indices confirming that national readings have fallen below the double-dip mark. But data released Wednesday by CoreLogic provided a flicker of improvement - at least from the short-term view. The company says its index shows home prices in the U.S. rose 0.7 percent between March and April. It's the first such increase since the homebuyer tax credit expired in mid-2010, and that reading includes distressed sales.

The S&P/Case-Shiller home price index confirmed a double-dip in home prices across much of the country as Standard & Poor's national reading fell another 4.2 percent during the first quarter. One economist notes that prices have now fallen by more than they did during the Great Depression. On that occasion, the peak in home prices was not regained for 19 years. The widespread view is that with over a quarter of all mortgages underwater and 6.3 million homeowners either delinquent or in foreclosure, home prices have not yet hit bottom.

Data released Tuesday morning by Standard & Poor's show that the S&P/Case-Shiller national home price index declined by 4.2 percent in the first quarter of 2011, after having fallen 3.6 percent in the fourth quarter of 2010. The national reading hit a new recession low with the first quarter's data and posted an annual decline of 5.1 percent versus the first quarter of 2010. Nationally, home prices are back to their mid-2002 levels. Officials from S&P note that this month's report is marked by the confirmation of a double-dip in home prices across much of the nation.

With all the news of still-declining home prices, most buyers are keeping their feet firmly planted on the sidelines unless they're sure they're getting a bargain. At the same time agents and banks are battling (mis)perceptions in their local markets, where property values may not be on such a slippery slope. Add to the equation a distressed property, and finding an agreeable short sale price while still covering enough of the mortgage debt to win over the lender can be a challenge. It's a nasty tug-of-war, with neither buyers or sellers feeling like they're gaining any ground.

Data released by Standard & Poor's Tuesday show that home prices are continuing to slip across the country, with residential property values just slightly above their April 2009 bottom. The 20-city composite reading of the latest S&P/Case-Shiller home price index fell another 1.1 percent in February 2011 when compared to the previous month. It's down 3.3 percent from the February 2010 level. Washington D.C. was the only market to post a year-over-year gain with an annual growth rate of 2.7 percent.

Data released Tuesday morning by Standard & Poor's show that home prices are continuing to trend downwards. The 20-city composite reading of the S&P/Case-Shiller home price index fell 1.0 percent in January 2011 when compared to the previous month. The 20-city composite is down 3.1 percent from its January 2010 level. San Diego and Washington D.C. were the only two markets to record positive year-over-year changes, while 11 cities posted new cycle lows during the first month of this year.

Data released by Standard & Poor's Tuesday show that the S&P-Case-Shiller home price index declined by 3.9 percent quarter-over-quarter during the last three months of 2010. The closely watched gauge is down 4.1 percent versus the fourth quarter of 2009. The agency warns that home prices are edging dangerously close to cycle lows, and a full-fledged double dip. Home prices in 11 major markets hit their lowest levels in December since prices peaked in 2006 and 2007.

The latest Case-Shiller figures released by S&P Tuesday 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. 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.