11 New Lows for Housing

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The December 2010 Case-Shiller home price numbers were released yesterday, and the year didn't end well for housing. As shown in the first table below (click to enlarge), just one (Washington DC) of the twenty cities tracked saw month-over-month gains in December. Tampa, Detroit, and Seattle all saw declines of more than 2%, and seven other cities dropped more than 1%. And just two cities (DC and San Diego) were up on a year-over-year basis from December 2009 to December 2010, meaning eighteen of twenty cities saw home prices decline in 2010. In November, nine of the twenty cities tracked hit new multi-year lows. In December, eleven cities hit new lows (shown in the 2nd chart below, click to enlarge). So much for the bounce in housing. The double dip is here.

For those interested, below (click to enlarge) we highlight the historical year-over-year percentage changes (on a monthly basis) for the 20 cities tracked by Case Shiller.