The S&P Case Shiller home price index shows a -4.5% decline from a year ago over 20 metropolitan housing markets and a -3.8% decline for the top 10 housing markets from June 2010.
Wondering why we have conflicting reports on the S&P Case-Shiller Housing Index? One financial press source is singing hallelujah while another is glum?
You know an economic report is bleak when the title contains dismal start. Such is the S&P/Case-Shiller Home Price indexes report for January 2011. The composite indexes hit new lows, with the home prices of the 20 cities composite index being down -3.1% and the composite-10 dropping -2.0% in comparison to January 2010.
The S&P/Case-Shiller Home Price indexes for December 2010 were released today with a headline that prices are near the Q1 2009 low point. The National index is down -3.9% for Q4 and down -4.1% in comparison to Q4 2009.
The S&P/Case-Shiller Home Price indexes for November 2010 were released today. The composite-10 index is down -0.8% for the month and the composite-20 index decreased -1.0%. For the year, the composite-10 index is -0.4% lower and the composite-20 is -1.6% lower than November 2009. Below are the 20 city and 10 city S&P/Case-Shiller monthly indices.
The S&P/Case-Shiller Home Price indexes for October 2010 were released today. The composite-10 index is down -1.2% for the month and the composite-20 index decreased -1.3%. For the year, the composite-10 index is 0.2% higher but the composite-20 is -0.8% lower than October 2009. Below are the 20 city and 10 city S&P/Case-Shiller monthly indices.
For the month house prices dropped -0.5%, for the year prices have dropped -3.3% and since 2007, the national average in home prices is down -12.8%. Home prices are currently at September 2004 price levels.
Considering the collapse in home prices in 2007 and 2008, you might think that housing would have gotten more affordable. You would be wrong.
More Americans found housing unaffordable last year, even though home prices across the U.S. have taken a major fall. More than 40 million spent 30% or more of their household income on housing costs, 600,000 more than in 2007, according to 2008 Census data released Monday. That includes homeowners with and without mortgages, as well as renters.
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From 2007 to 2008 the homeownership rate fell more than half a percentage point, to 66.6% — the lowest level since 2002, says Mark Mather, a vice president at the Population Reference Bureau in Washington, D.C.
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