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S&P/Case-Shiller Records Near Four Percent Home Price Drop Over 2011
Mar 27, 2012

Data through January 2012, released by S&P Indices for its S&P/Case-Shiller Home Price Indices, showed annual declines of 3.9 percent and 3.8 percent for the 10- and 20-City Composites, respectively. Both composites saw price declines of 0.8 percent in the month of January. Sixteen of 19 Metropolitan Statistical Areas (MSAs) also saw home prices decrease over the month, as only Miami; Phoenix and Washington, D.C. home prices went up versus December 2011. Eight MSAs and both Composites posted new index lows in January. The 10- and 20-City Composites recorded marginal improvements in annual returns over December 2011 when they each posted -4.1 percent. In addition to the Composites, Dallas, Texas; Denver; Miami, Fla; Minneapolis; New York; Phoenix, Ariz.; San Diego; Seattle; Tampa, Fla. and Washington, D.C. saw their annual rates improve compared to December, while nine of the MSAs saw their annual returns worsen compared to what was reported for December 2011. Denver at +0.2 percent, Detroit at +1.7 percent and Phoenix at +1.3 percent were the only cities to post positive annual growth rates. Atlanta posted the lowest annual (and only double-digit negative) return at -14.8 percent. “Despite some positive economic signs, home prices continued to drop. The 10- and 20- City Composites and eight cities—Atlanta, Chicago, Cleveland, Las Vegas, New York, Portland, Seattle and Tampa—made new lows,” said David M. Blitzer, chairman of the Index Committee at S&P Indices. “Detroit and Phoenix, two cities that have suffered massive price declines, plus Denver, saw increasing prices versus January 2011. The 10-City Composite was down 3.9 percent and the 20-City was down 3.8 percent compared to January 2011." The chart above depicts the annual returns of the 10-City and the 20-City Composite Home Price Indices. In January 2012, the 10- and 20-City Composites recorded annual returns of -3.9 percent and -3.8 percent, respectively.  The chart below depicts the index levels for the 10-City and 20-City Composite Indices. As of January 2012, average home prices across the U.S. are back to the levels where they were nearly 10 years ago in early 2003. Measured from their June/July 2006 peaks through January 2012, the peak-to-current decline for both the 10-City Composite and 20-City Composite is 34.4 percent. January’s levels are new lows for both Composites in the current housing cycle. In January 2012, Denver, Detroit and Phoenix were the only MSAs to post positive annual returns. Month-over-month, Miami, Fla.; Phoenix; and Washington, D.C. were the only cities that recorded positive gains—up 0.6 percent, 0.9 percent and 0.7 percent in January 2012, respectively. Both the 10-City and 20-City Composites were down 0.8 percent from their December 2011 levels. Eights MSAs (Atlanta, Chicago, Cleveland, Las Vegas, New York, Portland, Seattle and Tampa) and both Composites posted new index lows in January 2012. Atlanta, Cleveland, Detroit and Las Vegas continue to have average home prices below their January 2000 levels.
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