Tuesday, May 25, 2010

Case Shiller: Housing Rebound Losing Steam?

LA Times reports:

“The housing market may be in better shape than this time last year, but, when you look at recent trends there are signs of some renewed weakening in home prices,” said David M. Blitzer, chairman of the Index Committee at Standard & Poor’s. “In the past several months we have seen some relatively weak reports across many of the markets we cover.”

A separate Case-Shiller index that is released quarterly and covers the U.S. showed home prices fell a seasonally adjusted 1.3% in the first quarter of the year compared to the fourth quarter of 2009.
This weakening becomes more interesting due to all the buyers that flooded the market to take advantage of the tax credit. One would think this would have resulted in higher prices, but we'll see the full impact of that in April's figure (and potential decline post-credit in May).

Source: S&P

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