he latest S&P/Case-Shiller Home Price Indices, which were released on Tuesday, showed that U.S. home prices didn’t move much during the third quarter of 2011, with the National Home Price Index seeing a 0.1 percent uptick quarter-over-quarter. Compared with the third quarter of 2010, however, the national index was down 3.9 percent — but that could be seen as a bit of good news, since the decline between the second quarter of 2010 and the second quarter of 2011 was 5.8 percent, so the rate of decline might be slowing.
In September, the 10- and 20-city composites posted annual declines of 3.3 percent and 3.6 percent, respectively. Eighteen of the 20 MSAs tracked by Case-Shiller and both monthly composites had negative annual rates in September 2011, the only exceptions being Detroit and Washington D.C., presumably because of a dead-cat bounce in the former case and the good fortune of being the hub of the federal government in the latter case.
Read more...Economy Watch: Consumers More Confident, Home Prices Stuck in Neutral | Commercial Property Executive
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