Home Price Index increases for second consecutive month in May

Dennis Norman

Dennis Norman

This morning, the S&P/Case-Shiller Index report for May was released showing US home prices increased for the second consecutive month with average home prices in the U.S. being about the same as they were in the summer of 2003. The report shows their 20-city composite home price index increased by 1.0 percent from the month before and declined by 4.5 percent from a year ago. and the 10-city composite home price index increased by 1.1 percent from the month before and was down 3.6 percent from the year before. Continue reading “Home Price Index increases for second consecutive month in May

Home price index for April increases for first time in 8 months

Dennis Norman

Dennis Norman

This morning, the S&P/Case-Shiller Index report for April was released showing US home prices showed a monthly increase for the first time in eight months bringing average home prices in the U.S. back to their summer 2003 levels. The report shows their 20-city composite home price index increased by 0.7 percent from the month before and declined by 4.0 percent from a year ago. and the 10-city composite home price index increased by 0.8 percent from the month before and was down 3.1 percent from the year before. Continue reading “Home price index for April increases for first time in 8 months

Robert Shiller on the Housing Boom and Bust and where home prices are headed

Robert Shiller

I’m doing this article as I attend a presentation by Robert Shiller, Yale Economics Professor and Co-Founder of the S&P/Case Shiller Home Price Indices at the S&P Housing Summit 2011, as he discussed “Unusual Factors Influencing the Outlook for the U.S. Housing Market. So it may be a little choppy, but here are the highlights of his presentation “live”: Continue reading “Robert Shiller on the Housing Boom and Bust and where home prices are headed

Report Shows U.S. Home Prices Hit Record Low in First Quarter; “No relief in sight”

Dennis Norman

Dennis Norman

Today the S&P/Case-Shiller Index report for the first quarter of 2011 was released showing home prices continue to fall and that the national home price index hit a new recession low. Nationally, home prices are back to their mid-2002 levels according to the report.

Continue reading “Report Shows U.S. Home Prices Hit Record Low in First Quarter; “No relief in sight”

Home prices continue to fall and continue to point to double dip in housing market

Dennis Norman

Dennis Norman

Today the S&P/Case-Shiller Index report for February was released showing home prices continue to fall and that the housing housing market continues to head toward a double dip in home prices. The report shows their 20-city composite home price index declined by 1.1 percent from the month before and declined by 3.3 percent from a year ago. Continue reading “Home prices continue to fall and continue to point to double dip in housing market

Will that be one scoop or two? Two, answers home prices.

Dennis Norman

Dennis Norman

When I take my kids out for an ice cream cone it’s pointless to ask if they want one or two dips, they always go for the double dip! What’s good for ice cream sales is not good for home prices though…..and, unfortunately, it appears that home prices are choosing to go for the double dip as well...

Today the S&P/Case-Shiller Index report for January was released showing home prices are off to a dismal start in 2011 and further proof that the housing market is headed toward a double-dip in home prices. The report shows their 20-city composite home price index declined by 3.1 percent from a year ago. Continue reading “Will that be one scoop or two? Two, answers home prices.

Report confirms home prices still falling; headed toward double-dip

Dennis Norman

Dennis Norman

Today the S&P/Case-Shiller Index report for December was released and supports last months report saying a double-dip in home prices was headed our way. The report shows home prices declined by 3.9 percent during the fourth quarter of 2010. Continue reading “Report confirms home prices still falling; headed toward double-dip

Home Prices Continue to Weaken Confirming Double Dip Fears

Dennis Norman

Dennis Norman

Today the S&P/Case-Shiller Index report for November was released and confirms concerns that I have discussed previously that the housing market is headed for a double dip in home prices.

The report revealed that home prices decreased in 19 or the 20 metro areas covered by the report from their October levels and only four of the metro’s showed a year-over-year price gain in November.Furthermore, nine metros – Atlanta, Charlotte, Chicago, Detroit, Las Vegas, Miami, Portland (OR), Seattle and Tampa – hit their lowest levels since home prices started to fall in 2006 and 2007. Continue reading “Home Prices Continue to Weaken Confirming Double Dip Fears

Home Prices: The Coming ‘Double Dip’

Dennis Norman

Dennis Norman

Yesterday the S&P/Case-Shiller Index report for October was released and was filled with bad news on the housing market. The report revealed that home prices decreased in all 20 metro areas covered by the report from their September levels and only four of the metro’s showed a year-over-year price gain in October.Furthermore, six metros – Atlanta, Charlotte, Miami, Portland (OR), Seattle and Tampa – hit their lowest levels since home prices started to fall in 2006 and 2007.

This news comes at a time when we have seen a couple of bits of positive news on the housing market, so of course it is disappointing but not unexpected. It look us a long time to get into this mess and it’s going to take a while to get out. David Blitzer, the Chairman of the Index Committee at Standard and Poor’s, comments on the report are rather bleak. Mr. Blitzer said “the double-dip is almost here, as six cities set new lows for the period since the 2006 peaks. There is no good news in October’s report. Home prices across the country continue to fall.” Continue reading “Home Prices: The Coming ‘Double Dip’

Home prices decline in third quarter

Dennis Norman

Dennis Norman

This morning S&P/Case-Shiller Index report for the third quarter or this year was released showing home prices declined 2.0 percent in the third quarter after having risen 4.7 percent in the second quarter.

Nationally, home prices are 1.5 percent below where they were a year ago. In September, 18 of the 20 metro areas covered by the report had declines in the home price index.

Continue reading “Home prices decline in third quarter

Case-Shiller issues disappointing report on home prices

Dennis Norman

Dennis Norman

This morning S&P/Case-Shiller Index report for August was released showing a deceleration in the annual growth rates of home prices from the month before in 17 of the 20 Metro areas covered by the report. The Case-Shiller Home Prices Indices for the 20 metros showed a decrease of 0.2 percent in home prices in August from July and an increase of 1.7 percent in home prices from the year before. Continue reading “Case-Shiller issues disappointing report on home prices

Home prices rise slightly in July; home prices on average back to 2003 levels

Dennis Norman

Dennis Norman

This morning S&P/Case-Shiller Index report for July was released showing that the annual growth rates of home prices in 16 of the 20 Metro areas covered by the report slowed in July compared to June. The Case-Shiller Home Prices Indices for the 20 metros showed a slight increase of 0.6 percent in home prices in July over June and an increase of 3.2 percent in home prices from the year before, down from June’s 4.2 percent increase from the year before. Continue reading “Home prices rise slightly in July; home prices on average back to 2003 levels

Report shows home prices up modestly over last year

Dennis Norman

Dennis Norman

This morning S&P/Case-Shiller Index report for the 2nd quarter of 2010 was released showing that the home prices improved slightly over a year ago in 17 of the 20 Metro Area’s their reports cover.

The Case-Shiller Home Prices Indices showed an increase of 4.4 percent in home prices in 2nd quarter after a decline of 2.8 percent in the first quarter. As of the end of the 2nd quarter U.S. home prices are, on average, up 3.6 percent from the year before. Continue reading “Report shows home prices up modestly over last year

Case-Shiller Report Has Some Good News On Housing Market; Not Out of The Woods Yet Though

 

Dennis Norman

Dennis Norman

This morning the S&P/Case-Shiller Index report for February was released showing that, for the first time since December, 2006, the annual rates of change for their two composite home-price indices were positive. The 10-City Composite is up 1.4 percent from a year before and the 20-City Composite is up 0.6 percent from the same time last year. Unfortunately, 11 of the 20 cities included in the 20-City Composite had declines from the prior year, meaning that this positive bit of news is not “market-wide” but is the result of some metros with stronger markets.

case-shiller-february-2010-home-price-indices

On a positive note, 18 of the 20 metro areas in the 20-City Composite showed an improvement in their annual rates with February’s readings compared to the January 2010 figures, with Dallas and Portland being the only exceptions.

We are not “out of the woods” yet – the fat lady hasn’t sang –

“Beginning last November, each report showed gains as fewer cities reported year-over-year declines than in the previous month; those gains ended with this report. Further, in six cities prices were at their lowest levels since the prices peaked three-to-four years ago. These data point to a risk that home prices could decline further before experiencing any sustained gains. While the year-over-year data continued to improve for 18 of the 20 MSA’s and the two Composites, this simply confirms that the pace of decline is less severe than a year ago. It is too early to say that the housing market is recovering” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s. “Nineteen of the 20 MSAs and both Composites declined in February over January. Fourteen of the MSAs and both Composites have now fallen for at least four consecutive months. In addition, prices reached recent new lows for six cities in February – Charlotte, Las Vegas, New York, Portland, Seattle and Tampa – sending a more cautionary message compared to the annual figures. While 14 MSAs and the two composites show improvement over their trough values reached in the spring 2009, we are not completely out of the woods“, said Blitzer.

Foreclosures still overshadow the good news –

“Existing and new home sales, inventories and housing starts all show tremendous improvement in their March statistics. The homebuyer tax credit, available until the end of April, is the likely cause for these encouraging numbers and this may also flow through to some of our home price data in the next few months. Amidst all the news, however, we should also pay heed to foreclosure activity, which have reached their highest level in at least the last five years. As these homes are put up for sale, we may see some further dampening in home prices“, said Blitzer.

Other highlights from the report –

  • As of February 2010, average home prices across the U.S. are at similar levels to where they were in late summer/early autumn of 2003
  • From their peak in June/July 2006 through the trough in April 2009, the 10-City Composite is down 33.5 percent and the 20-City Composite is down 32.6 percent.
    • From peak through February 2010 prices are down 30.7 percent on the 10-city index and 30.3 percent on the 20-city index.
  • San Diego was the only market that continued to show improvement in home prices between January and February. All other metros and the two composites showed declines from their January levels.
    • 12 of the MSAs home prices fell by at lest 1.0 percent during the month.
    • 6 of the MSAs, Charlotte, Las Vegas, New York, Portland, Seattle and Tampa, posted new index lows.
  • Charlotte and Cleveland have shown seven consecutive months of negative monthly returns.
    • Atlanta, Boston, Denver, New York and Tampa are not far behind, with six consecutive negative reports.

case-shiller-february-2010-metro

 

Home Price Rebound From Last Fall is Fading

Dennis Norman

Dennis Norman

Annual Rates of Decline In Home Prices Improving

This morning the S&P/Case-Shiller Index report for January was released showing that home prices in their 10 city and 20 city composite indexes decreased from December, the 10-city index was down 0.2 percent and the 20-city index down 0.4 percent. The 10-city January index was exactly even with January 2009, and the 20-city January index was down 0.7 percent from a year ago. The indexes include the major metropolition areas in the U.S. (details for metros included are in chart that follows).

All 20 metro areas and both Composites showed an improvement in their annual rates of decline with January’s numbers compared to December 2009. As of January 2010, average home prices across the United States are at similar levels to where they were in the autumn of 2003. From the peak in June/July of 2006 through the lowest period in April 2009, the 10-City Composite is down 33.5 percent and the 20-city composite is down 32.6 percent. The peak through January 2010 figures are -30.2 percent and -29.6 percent respectively.

case-shiller-january-2010

David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s said, “the report is mixed. While we continue to see improvements in the year-over-year data for all 20 cities, the rebound in housing prices seen last fall is fading. Fewer cities experienced month-to-month gains in January than in December 2009, on both a seasonally adjusted and unadjusted basis.”