Case-Shiller Home Prices Mixed
The S&P/Case-Shiller Home Price index in October rose in just seven of 20 cities. In the past year, prices are down 7.3% in the 20 cities. Prices in all 20 cities were lower in October 2009 than in October 2008. The figures are not seasonally adjusted.
Only seven of the 20 metro areas showed month-over-month improvement. The turn-around in home prices seen in the spring and summer has faded, according to S&P chief economist David Blitzer, who described the latest Case-Shiller data as flat.
As of October 2009, average home prices across the U.S. are at similar levels to where they were in the autumn of 2003.
Las Vegas was the only market that has not seen any improvement in 2009. Prices have declined for 38 consecutive months. Las Vegas is just 5% above its January 2000 level.
On the plus side, San Francisco has had seven consecutive months of positive returns; San Diego has reported six; and Los Angeles and Phoenix are close behind with five.