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Case-Shiller index shows big dip in housing prices

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(Read caption) The Case-Shiller 10-city index (black line) declined 0.9 percent from November to December. (Click on chart to enlarge.)

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Today’s release of the S&P/Case-Shiller (CSI) home price indices for December reported that the non-seasonally adjusted Composite-10 price index declined a notable 0.85% since November indicating that housing is continuing to remain weak.

The latest CSI data clearly indicates that the price trends are continuing to slump and, as I recently pointed out, the more timely and less distorted Radar Logic RPX data is continuing to capture notable price weakness nationwide.

Further, both composite indices are now showing notable year-over-year declines, a weak sign indeed.

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The 10-city composite index declined 1.20% as compared to December 2009 while the 20-city composite declined 2.38% over the same period.

Topping the list of regional peak decliners was Las Vegas at -57.63%, Phoenix at -54.67%, Miami at -49.05%, Detroit at -48.11% and Tampa at -45.30%.

Additionally, both of the broad composite indices show significant peak declines slumping -30.95% for the 10-city national index and -31.04% for the 20-city national index on a peak comparison basis.

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