Case-Shiller Report Bleak
From the Wall Street Journal to Bloomberg, David Blitzer, Chairman of the Index Committee at S&P Indices, didn’t have positive news to report upon publishing the December S&P Case-Shiller report.
* “In terms of prices, the housing market ended 2011 on a very disappointing note.”
* “With this month’s report we saw all three composites hit new record lows.”
* “If anything, it looks like we might have re-entered a period of decline as we begin 2012.”
So just how bad were the December Case-Shiller Home Price Indices numbers?
* The U.S. National Index and the 20-City Composite were down 4% December 2011 vs. December 2010
* The 10-City Composite was down 3.9% December 2011 vs. December 2010
* Atlanta, Las Vegas, Seattle and Tampa each saw average home prices hit new lows
* Atlanta, Cleveland, Detroit and Las Vegas have average home prices below their January 2000 levels
* The National Composite is down 33.8% from its 2nd quarter 2006 peak
* Seventeen cities of the 20-City Composite have seen monthly declines for at least 3 consecutive months