Tuesday, January 26, 2010

Case Shiller: Still a Soft Housing Market

Reuters details:

U.S. home prices slipped in November and were softer than expected in the latest sign that a rebound in the U.S. housing market is tenuous, according to Standard & Poor's/Case-Shiller indexes on Tuesday.

The S&P composite index of home prices in 20 metropolitan areas slipped 0.2 percent in November after a revised 0.1 percent October dip, for a 5.3 percent annual drop. A Reuters survey had forecast a 0.1 percent November rise. Prices were originally reported as unchanged in October.

On a seasonally adjusted basis, the 20-city index rose 0.2 percent in November, S&P said, after a 0.3 percent rise the prior month.

The home price picture remains mixed despite steady annual improvement, said David M. Blitzer, Chairman of the Index Committee at Standard & Poor's. "Only five of the markets saw price increases in November versus October," he said. "What is more interesting is that four of the markets -- Charlotte, Las Vegas, Seattle and Tampa -- posted new low index levels as measured by the past four years."

Source: S&P