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Home prices rise, but it's only seasonal

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(Read caption) The S&P/Case-Shiller index showed an increase in home prices in April, not adjusted for seasonal factors. But prices are down from a year ago.

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Today’s release of the S&P/Case-Shiller (CSI) home price indices for April reported that the non-seasonally adjusted Composite-10 price index increased 0.75% since March while the Composite-20 index increased 0.66% over the same period with both measures continuing to decline notably since last year.

The latest CSI data clearly indicates that the price trends are experiencing a bit of a lift into the typically more active spring season and, as I recently pointed out, the more timely and less distorted Radar Logic RPX data is continuing to capture rising prices driven primarily by seasonality.

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It's important to note though that both composite indices are continuing to show notable year-over-year declines, a weak sign indeed.
The 10-city composite index declined 3.08% as compared to April 2010 while the 20-city composite declined 3.96% over the same period.

Topping the list of regional peak decliners was Las Vegas at -58.91%, Phoenix at -55.87%, Miami at -51.23%, Detroit at -50.62% and Tampa at -46.88%.

Additionally, both of the broad composite indices show significant peak declines slumping -32.60% for the 10-city national index and -32.77% for the 20-city national index on a peak comparison basis.

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