Home prices fall for fifth month in a row
The S&P/Case-Shiller 10-city composite index shows that home prices fell 0.79 percent in November 2010 from the previous month
Today’s release of the S&P/Case-Shiller (CSI) home price indices for November (browse the dashboard) reported that the non-seasonally adjusted Composite-10 price index declined a notable 0.79% since October indicating that housing is continuing to remain weak.
It's important to recognize that as we continue to move away from the government's tax sham, the home sales and price movement fueled by that epic monstrosity are left further and further behind.
Yet, it will be some time before the effects are completely expunged from the CSI as its methodology uses a three month rolling average of the source data and further, as BostonBubble points out, since Congress moved to extend the closing deadline for the credit until September, the CSI data may not be free of the distortion until the February 2011 release!
In any event, you can see from the latest CSI data that the price trends are starting to slump and, as I recently pointed out, the more timely and less distorted Radar Logic RPX data is already capturing notable price weakness nationwide.
Further, both composite indices are now showing notable year-over-year declines, the first such annual declines registered in ten months, a weak sign indeed.
The 10-city composite index declined 0.41% as compared to November 2009 while the 20-city composite declined 1.59% over the same period.
Topping the list of regional peak decliners was Las Vegas at -57.16%, Phoenix at -53.90%, Miami at -48.80%, Detroit at -47.06% and Tampa at -43.70%.
Additionally, both of the broad composite indices show significant peak declines slumping -30.32% for the 10-city national index and -30.35% for the 20-city national index on a peak comparison basis.
To better visualize today’s results use Blytic.com to view the full release.
Also, follow the S&P/Case-Shiller dashboard.
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