New York, September 28, 2010 – Data through July 2010, released today by Standard & Poor’s for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, show that the annual growth rates in 16 of the 20 MSAs and the 10- and 20-City Composites slowed in July compared to June 2010. The 10-City Composite is up 4.1% and the 20-City Composite is up 3.2% from where they were in July 2009. For June they were reported as +5.0% and +4.2%, respectively. Although home prices increased in most markets in July versus June, 15 MSAs and both Composites saw these monthly rates moderate in July.
(S&P/Case-Shiller Home Price Indices -
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The general consensus seems to be that the next S&P/Case-Shiller report will begin, on balance, to show declining numbers.
I agree ...
The September 28, 2010 S&P/Case Shiller report represents data from May, June, and July. The next report will highlight data from June, July, and August. Couple extremely weak new home sales and existing home sales in July with typical seasonally slower sales in August, and we have the right recipe for further housing price declines as noted by the S&P/Case-Shiller housing price index. Furthermore, recent economic data doesn't give us any reason to believe that the future housing price numbers will be bolstered by an unexpected positive economic influence. In fact, there will still be marginal support from the federal housing tax credit since the closing date to receive the credit on a home purchased during the incentive period has been pushed out to September 30, 2010.
The chart below will give you a look at what happened in your neighborhood.
(S&P/Case-Shiller Home Prices -
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Actual S&P/Case-Shiller Housing Price Index PDF: - Home Prices Remain Stable Around Recent Lows According to the S&P/Case-Shiller Home Price Indices
