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."
Seems like they are up .24%, at least thats what it says on bberg.
ReplyDeleteThat's also what it says in my post (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).
ReplyDeleteBe careful about reading too much into the gain, though. Economists are still predicting a flat 2010, at best, and another 5 percent to 10 percent drop at worst.
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