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

2 days 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 company (NewCo ...
Source: Business Times Singapore   Full article at: Business Times Singapore
 

 
Update
1

3 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 double tragedies of MH370 and MH17" hits hom ...
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

Ebola toll in Guinea 460
Conakry, Sep 1 (IANS) At least 690 Ebola virus disease cases have been confirmed in Guinea, out of which 460 people have died, the latest data released by the health ministry here shows.
 
 
Caffeinated 'energy' drinks bad for heart
London, Sep 1 (IANS) "Energy" drinks which are so popular during physical exercise and even otherwise among children and younger adults can cause heart problems, a research shows.
 
 
Nepal too to restructure national plan panel
Kathmandu, Sep 1 (IANS) After the new Indian government decided to scrap the Planning Commission, the Nepal government also has decided to restructure, revamp and modernise its National Planning Commission (NPC), which is styled on the Indian planning panel.
 
 
Women at greater stroke risk from resistant hyper-tension
London, Sep 1 (IANS) The condition known as Resistant Hyper-tension increases stroke risk by 35 percent in women and 20 percent in elderly patients, according to new research.
 
 
 

Latest from the Network

Man with 'disconnected' brain, alive and kicking at 88!
New York, Sep 1 (IANS) This may sound and read unbelievable but there is an elderly man whose brain has no neural fibre connection between his two hemispheres! For a layman, human brain is divided into two hemispheres...
Read more on Apple Balla
 
Ebola toll in Guinea 460
Conakry, Sep 1 (IANS) At least 690 Ebola virus disease cases have been confirmed in Guinea, out of which 460 people have died, the latest data released by the health ministry here shows. A total of 143 patients were...
Read more on Business Balla
 
Southern African Development Community discusses Lesotho coup attempt
Pretoria, Sep 1 (IANS) The Southern African Development Community (SADC) Monday continued its meeting here on the attempted coup by Lesotho's military. Present at the meeting were SADC Chairman and South African...
Read more on Politics Balla
 
Iraqi forces recapture key town
Baghdad, Sep 1 (IANS) Iraqi security forces Monday recaptured the town of Sulaiman Beg in Salahudin province after more than two months of being under siege by the Islamic State (IS) Sunni extremist organisation, an...
Read more on Politics Balla
 
Caffeinated 'energy' drinks bad for heart
London, Sep 1 (IANS) "Energy" drinks which are so popular during physical exercise and even otherwise among children and younger adults can cause heart problems, a research shows. "People sometimes consume a number of...
Read more on Celebrity Balla
 
Nepal too to restructure national plan panel
Kathmandu, Sep 1 (IANS) After the new Indian government decided to scrap the Planning Commission, the Nepal government also has decided to restructure, revamp and modernise its National Planning Commission (NPC), which...
Read more on Business Balla
 
Women at greater stroke risk from resistant hyper-tension
London, Sep 1 (IANS) The condition known as Resistant Hyper-tension increases stroke risk by 35 percent in women and 20 percent in elderly patients, according to new research. "Patients with hyper-tension that does...
Read more on Apple Balla
 
Indian-origin inventor of 'email' slams critics
Washington, Sep 1 (IANS) V.A. Shiva Ayyadurai, an Indian-origin scientist who received official recognition as the inventor of the computer program for electronic mail system or "email" from the US government 32 years...
Read more on Politics Balla
 
Miley Cyrus still loves Liam Hemsworth
Los Angeles, Sep 1 (IANS) Singer Miley Cyrus says she still has strong feelings for her ex-fiance Liam Hemsworth, with whom she parted ways last year. The 21-year-old split from the actor in September 2013 following...
Read more on Celebrity Balla
 
No interference by Russian military in Ukraine crisis: Minister
Moscow, Sep 1 (IANS) Russian Foreign Minister Sergei Lavrov Monday said Moscow will not send out military troops to...
Read more on Politics Balla