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.

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.

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.

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 to view the full release.

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