S&P Index Finds Home Prices on the Rise Nationwide – NMP Skip to main content

S&P Index Finds Home Prices on the Rise Nationwide

NationalMortgageProfessional.com
Oct 26, 2011

Data through August 2011, released by S&P Indices for its S&P/Case-Shiller Home Price Indices shows an increase of +0.2 percent for the 10- and 20-City Composites in August versus July. Ten of the 20 cities covered by the indices also saw home prices increase over the month. In addition, 16 of the 20 Metropolitan Statistical Areas (MSAs) and both Composites posted improved annual returns compared to July’s data; Los Angeles and Miami saw no change in annual returns in August; and Atlanta and Las Vegas saw their annual rates of change fall deeper into negative territory. The 10- and 20-City Composites posted annual returns of -3.5 percent and -3.8 percent versus August 2010, respectively. At -8.5 percent, Minneapolis posted the lowest year-over-year return, but has improved in each of the last three months. Detroit and Washington, D.C. were the only two cities to post positive annual returns of +2.7 percent and +0.3 percent respectively. “There was some weakness in the monthly statistics, as 10 of the cities post price declines in August over July,” said David M. Blitzer, chairman of the Index Committee at S&P Indices. “And even though the annual rates are largely improving, 18 MSAs and both Composites are still negative. Nationally, home prices are still below where they were a year ago. The 10-City Composite is down 3.5 percent and the 20-City is down 3.8 percent compared to August 2010." “In the August data, the good news is continued improvement in the annual rates of change in home prices," said Blitzer. "In spring and summer’s seasonally strong period for housing demand, we cautioned that monthly increases in prices had to be paired with improvement in annual rates before anyone could declare that the market might be stabilizing. With 16 of 20 cities and both Composites seeing their annual rates of change improve in August, we see a modest glimmer of hope with these data. As of August 2011, the crisis low for the 10-City Composite was back in April 2009; whereas it was a more recent March 2011 for the 20-City Composite. Both are about 3.9 percent above their relative lows."
Published
Oct 26, 2011
Manufactured Housing: The New Affordable Alternative

While the housing market is grappling with widespread affordability and supply, manufactured homes are gaining ground as a new alternative. 

Industry News
Dec 03, 2021
Angel Oak Home Loans Opens 3 New Branches

Continues expansion in Western U.S. with new branches in California, Nevada & Utah.

Industry News
Dec 02, 2021
Open Mortgage Names New President

Joe Stephenson, formerly of American Advisors Group, to lead daily operations.

Industry News
Dec 01, 2021
Homepoint Expands Refinance Program Offerings

Now offers Freddie Mac’s new refinance option, Refi Possible, making it easier for many homeowners with a Freddie Mac-owned mortgage to reduce their interest rate.

Industry News
Nov 30, 2021
Non-QM Lender Deephaven Hires Business Development VP

Dallas-based Tim Fisher charged with growing Deephaven’s correspondent business In Texas and surrounding states

Industry News
Nov 30, 2021
Biden Reappoints Powell As Federal Reserve Chairman

A signal that The Fed will continue its policies as inflation surges and economic uncertainty spikes due to an emerging variant of the coronavirus. 

Industry News
Nov 29, 2021