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Economy in Brief

U.S. Weekly Gasoline PricesRecover Somewhat
by Tom Moeller February 23, 2010

Ever-so-slightly, home prices are rising m/m and the annual decline has eased. The December S&P/Case Shiller Home Price Index edged up another 0.3% and they have risen 3.6% from the May low. That improvement pared the 12-month price decline to 3.1% from its worst of -19.0% last January. For 2009 as a whole, prices fell 13.3% and they have fallen 29.4% from the early-2006 peak. 

The narrower 10 City Composite Index also gained 0.3% following three months of 0.2% increase. As a result, the 12-month decline eased to -2.4% from -19.4% at its worst. These negative comparisons by far outpace those during the 1990-91 recession when home prices fell 6.3%.

The performance of home prices has been quite varied around the country. During December, price gains near or above 1.0% were logged in Boston, Las Vegas, San Diego, San Francisco and Phoenix but prices still fell in Chicago, Miami, New York, Cleveland, and Tampa.

The Case Shiller home price series are value-weighted, i.e., a greater index weight is assigned to more expensive homes. The S&P/Case-Shiller home price series can be found in Haver's USECON database and the city data highlighted below is in the REGIONAL database.

Mortgage Choice and the Pricing of Fixed-Rate and Adjustable-Rate Mortgages from the Federal Reserve Bank of San Francisco is available here here.

S&P/Case-Shiller Home Price Index (SA, Jan 00 = 100) December m/m November m/m October   m/m Dec. y/y 2009 2008 2007
20 City Composite Index 0.3% 0.3% 0.2% -3.1% -13.3% -15.7% -3.8%
  Regional Indicators
     Atlanta -0.0 0.2 -0.3 -3.9 -11.6 -8.5 0.7
     Boston 0.9 0.5 -0.3 0.5 -4.9 -5.7 -4.0
     Chicago -0.6 -0.6 -1.1 -7.2 -14.2 -10.0 -1.0
     Dallas 0.1 0.6 0.2 3.0 -2.3 -3.2 0.5
     Denver 0.1 0.2 0.3 1.2 -2.8 -4.9 -1.7
     Los Angeles 1.4 1.2 0.7 -0.1 -15.4 -24.2 -5.2
     New York -0.5 -0.9 -0.4 -6.3 -9.8 -7.4 -2.8
     San Francisco 1.0 1.2 1.7 4.8 -18.4 -24.3 -4.5
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