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.

By , Guest blogger

  • close
    This chart shows the S&P/Case-Shiller Composite-10 Index from 2000 through January 2011. US housing prices are falling into a double dip, showing a notable year-over-year decline for both the 10- and 20-city indices.
    View Caption

Note... be sure to bookmark the overall S&P/Case-Shiller Dashboard or the Dashboard of the weakest markets for a real-time view of all the markets tracked by the S&P.

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.

Recommended: Could you pass a US citizenship test?

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.

Topping the list of regional peak decliners was Las Vegas at -57.73%, Phoenix at -55.35%, Miami at -49.69%, Detroit at -48.04% and Tampa at -46.02%.

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.

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...