S&P/Case-Shiller index shows home prices at lowest since housing collapse(Read article summary)
The S&P/Case-Shiller home prices index for March shows that home prices in 20 US cities declined 0.77 percent from February. The Case-Shiller Composite-10 index fell 0.62 percent in that period.
Today’s release of the S&P/Case-Shiller (CSI) home price indices for March reported that the non-seasonally adjusted Composite-10 price index declined 0.62% since February while the Composite-20 index declined 0.77% over the same period falling to the lowest level seen since the Great Housing Collapse commenced in 2006 further indicating that housing is continuing slump into a double-dip.
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.
The 10-city composite index declined 2.91% as compared to March 2010 while the 20-city composite declined 3.61% over the same period.
Topping the list of regional peak decliners was Las Vegas at -58.61%, Phoenix at -55.91%, Miami at -51.12%, Detroit at -47.21% and Tampa at -46.63%.
Additionally, both of the broad composite indices show significant peak declines slumping -32.98% for the 10-city national index and -33.10% for the 20-city national index on a peak comparison basis.
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