The January S&P/Case Shiller Home Price Indices, released by Standard & Poor's this morning, show further deceleration in the growth rates of home prices in most of the cities in the survey.
The indices, which are billed by S&P as the leading measure of U.S. home prices, are constructed to track the price path of typical single-family homes in a number of metropolitan statistical areas (MSAs). The study uses matched price pairs of individual houses to construct a 20-City Composite Index and a 10-City Composite Index which are updated monthly. The indices have a base value of 100 which was set in January 2000. Thus a current index value of 150 indicates there has been a 50% appreciation since that date for a typical home in the subject market.
The 10-City Composite was down 2.0 percent to 154.65 and the 20-City was 3.1 percent below the previous year's level at 140.86. Both composites were down about 1 percent from December figures.
“Keeping with the trends set in late 2010, January brings us weakening home prices with no real hope in sight for the near future” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor's. “With this month’s data, we find the same 11 MSAs posting new recent index lows. The 10-City and 20-City Composites continue to decline month-over-month and have posted monthly declines for six consecutive months now."
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Source: http://www.mortgagenewsdaily.com/03292011_case_shiller_home_prices.asp
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