Boring: Case Shiller 20 City Index
For the second consecutive month, all of the 20 cities in the index showed a year-over-year decrease in prices for May, led by 28 percent slumps in Las Vegas and Miami.
“Little positive news can be found when cities like Las Vegas and Phoenix report annual declines as large as -29% and -23%, respectively, and all 20 cities are still in negative territory on a year-over-year basis.
Las Vegas prices plunged 28% compared with April of 2007, the worst drop among the 20 cities Case-Shiller covers.
Prices of U.S. single-family homes plunged at a record pace in May from a year earlier, with each of the 20 regions monitored showing annual declines for a second month, according to the Standard & Poor’s/Case Shiller home price indexes reported on Tuesday.
No city in the Case-Shiller 20-city index saw price gains in May, second straight month that’s happened.
The S&P/Case-Shiller Home Price Indices are produced by Fiserv, Inc. In addition to the S&P/Case-Shiller Home Price Indices, Fiserv also offers home price index sets covering thousands of zip codes, counties, metro areas, and state markets.
The S&P/Case-Shiller National U.S. Home Price Index tracks the value of single-family housing within the United States. The index is a composite of single-family home price indices for the nine U.S.
“There are signs of a slow down in the rate of decline across the metro areas, but no evidence of a bottom,” says David M.
Each index combines matched price pairs for thousands of individual houses from the available universe of arms-length sales data.
All times are ET. While the closely-watched Case-Shiller index tracks the sale prices of the same homes over the years, OFHEO’s index only tracks sales of homes with mortgages insured by Freddie Mac and Fannie Mae. The 20-city index is based on data going back 19 years, while the 10-city index is 21 years old.
The S&P/Case-Shiller 20-city Home Price Index fell to a record low of 13% on a year-over-year basis, and was down 4% from March.
The S&P/Case-Shiller 20-city home price index fell a record 19 percent to 1669 for the year through May, the 18th consecutive month of yearly price declines. The 10-city index fell even further over the year, declining a record 10 percent to 183 Both indices saw more moderate monthly declines than last month. These declines are far less than the 2 percent to 5 percent monthly drops seen earlier in 200
‘While there is no national turnaround in residential real estate prices, it is possible that we are seeing some regions struggling to come back, which has resulted in some moderation in price declines at the national level,’ says David M.
‘There is no sign of a bottom in the numbers,’ said David Blitzer, chairman of S&P’s Index Committee. The February 20-city price index was off 17 percent from the year before, in line with expectations of a decline in the 15 percent range, and down 6 percent from January.
There were record annual declines in 17 of the 20 metro areas.
Las Vegas and Phoenix also posted the two largest monthly declines.
The Standard & Poor’s/Case-Shiller 20-city index, released Tuesday, is off 18% in May compared with a year ago, a record decline since its inception in 200 The narrower 10-city index is down 19%, biggest decline in its 21-year history.
