US housing prices continue to slump
US housing prices, reported in the S&P/Case-Shiller Composite of 10 cities for January, declined 1 percent since December 2010 and 2 percent from a year before.
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'SoldAtTheTop' is not a pessimist by nature but a true skeptic and realist who prefers solid and sustained evidence of fundamental economic recovery to 'Goldilocks,' 'Green Shoots,' 'Mustard Seeds,' and wholesale speculation.
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Today’s release of the S&P/Case-Shiller (CSI) home price indices for January reported that the non-seasonally adjusted Composite-10 price index declined a notable 0.90% since December indicating that housing is continuing slump into a double-dip.
The latest CSI data clearly indicates that the price trends are continuing to slump and, as I recently pointed out, the more timely and less distorted Radar Logic RPX data is continuing to capture notable price weakness nationwide.
Further, both composite indices are now showing notable year-over-year declines, a weak sign indeed.
The 10-city composite index declined 2.04% as compared to January 2010 while the 20-city composite declined 3.06% over the same period.
Additionally, both of the broad composite indices show significant peak declines slumping -31.66% for the 10-city national index and -31.79% 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.
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