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

By , Guest blogger

  • close
    Standard & Poor's 10-city composite index shows a 0.79 percent decline from October 2010 to November 2010, which indicates that the housing market is still weak. Compared to November 2009, the index was down 0.41 percent in November 2010.
    View Caption

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!

Recommended: How home prices are faring in six 2012 swing states

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.

Add/view comments on this post.

------------------------------

The Christian Science Monitor has assembled a diverse group of the best economy-related bloggers out there. Our guest bloggers are not employed or directed by the Monitor and the views expressed are the bloggers' own, as is responsibility for the content of their blogs. To contact us about a blogger, click here. To add or view a comment on a guest blog, please go to the blogger's own site by clicking on the link above.

Share this story:

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.

Loading...

Loading...

Loading...