Case-Shiller: Home Price Declines Continue

by: Tim Iacono

Standard and Poor’s reported that home price declines are continuing at an accelerated pace, the Case-Shiller 20-City Home Price Index dropping 1.0 percent in December for the second straight month, now down 2.4 percent on a year-over-year basis. The National Home Price Index, reported on a quarterly basis, showed an even steeper decline, home prices falling some 4.1 percent from the fourth quarter of 2009 to the fourth quarter of 2010.

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The monthly data showed declines in 19 of the 20 regions, Washington D.C. being the lone exception where home prices rose 0.3 percent. Declines were paced by a 2.6 percent plunge in Tampa, a 2.3 percent drop in Detroit, and a decline of 2.0 percent in Seattle.

Eleven regions posted new record lows since the price peak five years ago – Atlanta, Charlotte, Chicago, Detroit, Las Vegas, Miami, New York, Phoenix, Portland, Seattle and Tampa – New York and Phoenix just added to this group in this report.