The prices of single-family homes in 20 major cities fell a non-seasonally adjusted 0.7% in September, according to the S&P/Case-Shiller home price index released Tuesday by Standard & Poor's. Prices have moved up 0.6% in the past year, down from 1.7% in August. This is the fourth consecutive month where annual growth rates moderated from the prior month's pace, confirming a "clear deceleration in home price returns," S&P said. Home prices decreased in 18 of the 20 metropolitan areas tracked by Case-Shiller in September compared with August.
Not good. Again, these are September numbers, which is the relative crest of the hill. Anything after this is bound to be pretty gruesome. More on this at The Great Redoubt.
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1 comment:
What does the S&P/Case-Shiller home price index even tell us when the differences between the state are so huge? I mean those who are happy about the numbers being still better than last year have to be from California, San Diego or Washington D.C. because those areas are really on the rise. I doubt that anyone from Chicago (worst decline) sees these news as positive .
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