Skip to main content

Case-Shiller Shows Values in 20 City Index Dropped 2.4 Percent from December 2009

NationalMortgageProfessional.com
Feb 22, 2011

Standard & Poor's has released its S&P/Case-Shiller Home Price Indices showing in December that the 10-City and 20-City Composites posted annual rates of decline of 1.2 percent and 2.4 percent, respectively. The leading measure of U.S home prices showed that the U.S. National Home Price Index declined by 3.9 percent during the fourth quarter of 2010. The National Index is down 4.1 percent versus the fourth quarter of 2009, which is the lowest annual growth rate since the third quarter of 2009, when prices were falling at an 8.6 percent annual rate. The cities with the greatest year-over-year drop in values are Detroit at -9 percent, Phoenix at -8.3 percent, and Atlanta -8.0 percent. Two cities that have seen positive growth in values are Washington D.C. at 4.1 percent and San Diego at 1.7 percent. This is a drop from the four cities that the in the January 2011, S&P/Case-Shiller Home Price Index. "We ended 2010 with a weak report. The National Index is down 4.1 percent from the fourth quarter of 2009 and 18 of 20 cities are down over the last 12 months. Both monthly Composites and the National Index are moving closer to their 2009 troughs. The National Index is within a percentage point of the low it set in the first quarter of 2009. Despite improvements in the overall economy, housing continues to drift lower and weaker," said David M. Blitzer, chairman of the Index Committee at Standard & Poor's. "Unlike the 2006 to 2009 period when all cities saw prices move together, we see some differing stories around the country. California is doing better with gains from their low points in Los Angeles, San Diego and San Francisco. At the other end is the Sun Belt – Las Vegas, Miami, Phoenix and Tampa. All four made new lows in December. Also seeing renewed weakness are some cities that were among the last to reach their peaks including Atlanta, Charlotte, Portland OR and Seattle, where news lows were also seen. Dallas, which peaked late, has so far stayed above its low marked in February 2009." Click here to download the full S&P/Case-Shiller Home Price Index. For more information, visit www.standardandpoors.com.
Published
Feb 22, 2011
Home Builder Confidence Dips Due To Inflation And Supply Chain Concerns

Home builder confidence in the market for newly built, single-family homes fell by one point to 83 in January 2022, according to the National Association of Home Builders and Wells Fargo's Housing Market Index report.

Construction
Jan 18, 2022
Milo Releases First-Ever U.S. Crypto Mortgage

This will make it easier for crypto investors to purchase U.S. real estate.

Industry News
Jan 18, 2022
Total Expert Hires John Emerick As CFO

Emerick served as CFO for two rapidly growing software-as-a-service companies: Code42 and CyberGrants.

Industry News
Jan 18, 2022
Home Partners Of America Launches Choice Lease Program

Home Partners of America launched its Choice Lease program aimed at addressing the affordable housing crisis and mortgage access challenges, that are faced by low-to-moderate-income families and underrepresented communities.

Industry News
Jan 17, 2022
KBRA Assigns Preliminary Ratings To OBX 2022-NQM1 Trust

Kroll Bond Rating Agency assigned preliminary ratings to six classes of mortgage pass-through notes from OBX 2022-NQM1 Trust, a $556.7 million non-prime RMBS transaction.

Non-QM
Jan 17, 2022
Zillow: Black Mortgage Applicants Denied 84% More Often Than White

Zillow recently analyzed data from the Home Mortgage Disclosure Act and found that Black mortgage applicants are denied a mortgage 84% more often than white applicants.

Analysis and Data
Jan 13, 2022