360° Coverage : S&P/Case-Shiller Home Prices Dip For 2nd Straight Month In...

2 Updates

S&P/Case-Shiller Home Prices Dip For 2nd Straight Month In December

Feb 25 2014, 9:02am CST | by

Home prices across the country fell for the second month in a row, according to S&P/Case-Shiller data released today. The 20-City Composite, which tracks single-family home prices in major metro...

Filed under: news

 
 
 

26 weeks ago

S&P/Case-Shiller Home Prices Dip For 2nd Straight Month In December

Feb 25 2014, 9:02am CST | by

Home prices across the country fell for the second month in a row, according to S&P/Case-Shiller data released today. The 20-City Composite, which tracks single-family home prices in major metro areas, dipped by 1/10th of 1%. It fell by that same amount in November.

The S&P/Case-Shiller Home Price Indices track the price of single-family homes across the U.S., with the 10- and 20-City Composite indices focused on major metro areas (Atlanta, Boston, Charlotte, Chicago, Cleveland, Dallas, Denver, Detroit, Las Vegas, Los Angeles, Miami, Minneapolis, New York, Phoenix, Portland, San Diego, San Francisco, Seattle, Tampa, Washington). The data is reported with a two month lag (it’s February; we’re reporting on December figures).

The S&P/Case-Shiller Home Price Index, which tracks prices nationally across all nine U.S. Census divisions, logged an 11.3% gain in 2013.

“The S&P/Case-Shiller Home Price Index ended its best year since 2005,” said David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices, via a release. “However, gains are slowing from month-to-month and the strongest part of the recovery in home values may be over. Year-over-year values for the two monthly Composites weakened and the quarterly National Index barely improved.”

Although the dip in December’s 20-City Composite was tiny, it correlates well with other measures of the housing market, which are showing signs of slowing. Last week the National Association of Realtors’ more timely Existing Home Sales report–which tracks sales of previously-owned homes–showed a 5.1% dip in sales activity in January from December. Housing starts were down 16% in January compared to December. Builder confidence is also down this month, according to the National Association of Homebuilders/Wells Fargo Housing Market Index, which tracks builder perceptions of current single-family home sales and the level of potential buyer traffic, as well as expectations for sales for the next six months.

Year-over-year, the rate of home price growth is also slowing. The 10-city Composite remained relatively flat in December compared to November. Although the 10-City and 20-City Composites posted gains of 13.6% (not seasonally adjusted) and 13.4% (not seasonally adjusted), that rate is about 30 basis points lower than their year-over-year gains in November. Home prices have now registered gains for 19 consecutive months. Average home prices nationally are back at mid-2004 levels, though still about 20% off their mid-2006 peak.

The top three performing cities of 2013 in terms of price gains, year-over-year, were Las Vegas (25.5%), Los Angeles (20.3%) and San Francisco (22.6%). But the Sun Belt, with the exception of Dallas, Miami and Tampa, saw lower year-over-year rates in December than November.

Of particular note was Chicago, which showed its highest year-over-year return (11.3%) since December 1988, and Dallas (10.2%), which posted its largest annual gain since the indices began tracking that city in 2000.

The six cities with the highest year-over-year figures saw their rates of price increases decline (Las Vegas, San Francisco, Los Angeles, Atlanta, San Diego and Detroit) and most cities ranked at the bottom improved (Denver, Washington and New York) – Charlotte and Cleveland were the two exceptions. Phoenix, which has led the recovery with 26 consecutive months of price gains, saw prices dip 0.3% for December, its biggest drop since March 2011.

“Recent economic reports suggest a bleaker picture for housing,” Blitzer said. “Some of the weakness reflects the cold
weather in much of the country. However, higher home prices and mortgage rates are taking a toll on affordability. Mortgage default rates, as shown by the S&P/Experian Consumer Credit Default Index, are back to their pre-crisis levels but bank lending standards remain strict.”/>

Source: Forbes Business

 
Update
2

1 day ago

Khazanah throws MAS RM6b lifeline

Aug 29 2014 5:01pm CDT | Source: Business Times Singapore

August 30, 2014 1:15 AMKHAZANAH Nasional will inject RM6 billion (SS$2.4 billion) over three years to resuscitate loss-making Malaysia Airlines (MAS) under a recovery plan that includes even an Act of Parliament. Other key moves are migrating its operations, assets and liabilities to a new ...
Source: Business Times Singapore   Full article at: Business Times Singapore
 

 
Update
1

2 days ago

MAS posts loss of RM307m for Q2

Aug 28 2014 5:00pm CDT | Source: Business Times Singapore

August 29, 2014 1:13 AMMALAYSIA Airlines (MAS) registered a loss of RM307 million (S$122 million) for the second quarter to end-June, but warned of worse to come in the second half when the "full financial impact of the do ...
Source: Business Times Singapore   Full article at: Business Times Singapore
 

 

Don't miss ...

 

<a href="/latest_stories/all/all/30" rel="author">Forbes</a>
Forbes is among the most trusted resources for the world's business and investment leaders, providing them the uncompromising commentary, concise analysis, relevant tools and real-time reporting they need to succeed at work, profit from investing and have fun with the rewards of winning.

 

blog comments powered by Disqus

Latest stories

Modi, Abe strike chord; Kyoto to help make Varanasi smart city (Intro Roundup)
Kyoto, Aug 30 (IANS) Warmth, mutual admiration and convergent views marked the meeting between Prime Minister Narendra Modi and his Japanese counterpart Shinzo Abe Saturday as India hoped the two sides would strive to achieve in five years the unrealised potential of the past five decades.
 
 
Modi, Abe strike chord, India hopes ties reach full potential (Roundup)
Kyoto, Aug 30 (IANS) Warmth, mutual admiration and convergence of views marked the meeting between Prime Minister Narendra Modi and his Japanese counterpart Shinzo Abe Saturday as India hoped the two sides would strive to achieve in five years the unrealised potential of five decades.
 
 
Modi in Japan: Kyoto-Varanasi partnership pact inked
Kyoto, Aug 30 (IANS) Indian Prime Minister Narendra Modi began a five-day visit to Japan Saturday, a day that saw the inking of a partnership agreement between Varanasi, one of the oldest continuously inhabited cities in the world, and Kyoto, which was the capital of Japan for over 1,000 years.
 
 
Essar sells Kenya telecom business for $120 million
Nairobi, Aug 30 (IANS) Essar Capital Saturday announced the signing of binding agreements with Safaricom and Airtel for the sale of its telecom business in Kenya for $120 million.
 
 
 

Latest from the Network

Jessica Alba 'too independent' to stay at home
Los Angeles, Aug 31 (IANS) Actress Jessica Alba says she is too independent to be a stay-at-home mother. The 33-year-old, who has children Honor, six, and two-year-old Haven, with husband Cash Warren, says she still...
Read more on Celebrity Balla
 
UN chief slams attacks on peacekeepers in Golan
United Nations, Aug 31 (IANS) UN Secretary-General Ban Ki-moon Saturday strongly condemned an attack by armed elements earlier in the day on the UN peacekeeping force in the Golan Heights. Ban also slammed "the...
Read more on Politics Balla
 
32 militants killed in Pakistan air strike
Islamabad, Aug 31 (IANS) At least 32 suspected militants were killed and three hideouts were destroyed in air raids conducted by Pakistani army in North Waziristan, media reported Saturday, military claimed Saturday...
Read more on Politics Balla
 
Italian FM appointed as EU foreign policy chief
Brussels, Aug 31 (IANS) The European Council Saturday appointed Italian Foreign Minister Federica Mogherini as the High Representative for Foreign Affairs and Security Policy of the European Union(EU). Mogherini...
Read more on Politics Balla
 
One killed in police shelling at Pakistan protest site
Islamabad, Aug 31 (IANS) At least one women protester was killed and over 50 were injured when police fired teargas and baton charged Saturday night as the protesters moved towards the prime minister's house in...
Read more on Politics Balla
 
Miley Cyrus poses nude for magazine
Los Angeles, Aug 31 (IANS) Singer Miley Cyrus, who has been in the news for mostly wrong reasons, has now come in the spotlight for posing in the buff for a magazine cover. The 21-year-old, popular for her twerking...
Read more on Celebrity Balla
 
Police killed Knife-wielding man in China
Beijing, Aug 31 (IANS) Police shot dead a knife-wielding man during a routine anti-drug road check in southwest China's Yunnan province Friday, police said Saturday. The man suddenly took out a knife and began to...
Read more on Politics Balla
 
11 killed as bus overturns in Egypt
Cairo, Aug 31 (IANS) At least 11 people were killed and five others seriously wounded Saturday as a passenger bus overturned and caught fire on a highway in Egypt's northern province of Sharqiya, media reported. The...
Read more on Politics Balla
 
Britney Spears' ex-boyfriend banned from contacting her
Britney Spears' ex-boyfriend has allegedly been banned from contacting her. The 32-year-old singer was left heartbroken after she learnt David Lucado had allegedly cheated on her with an unidentified woman and now her...
Read more on Celebrity Balla
 
Ashlee Simpson and Evan Ross to wed in Connecticut
Ashlee Simpson and Evan Ross are reportedly getting married tomorrow (08.31.14) in Connecticut. The loved-up couple, who got engaged in March, are set to tie the knot in a lavish ceremony at Evan's mother Diana Ross'...
Read more on Celebrity Balla