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Economy in Brief

Case-Shiller Home Price IndexContinues Sideways Movement
by Tom Moeller April 27, 2010

Earlier improvement in home prices continued to weaken during February. Seasonally adjusted, the Case-Shiller Home Price Index slipped 0.1% and continued its sideways pattern since September. Nevertheless, the 0.7% increase versus last February compares to a 19.0% y/y rate of decline at its worst, roughly one year ago.

The narrower 10 City Composite Index rose a seasonally adjusted 0.1% (1.5% y/y). Over the last year, prices rose 1.5% versus a 19.4% decline at its worst.

The performance of home prices continues to vary around the country. During February, the 12-month gain in prices was strongest in the West. Prices in Washington D.C. and Dallas rose moderately but widespread declines were logged elsewhere.

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.

Achieving Fiscal Sustainability is the title of this morning's speech by Fed Chairman Ben S. Bernanke and it can be found here.

S&P/Case-Shiller Home Price Index (SA) February m/m January m/m December m/m Feb. y/y 2009 2008 2007
20 City Composite Index -0.1 0.3 0.3 0.7 -13.3 -15.7 -3.8
Regional Indicators
Atlanta -0.9 -0.5 0.0 -0.9 -11.6 -8.5 0.7
Boston -0.5 0.3 0.7 1.8 -4.9 -5.7 -4.0
Chicago -1.0 -0.8 -0.7 -2.9 -14.2 -10.0 -1.0
Dallas -1.4 -0.2 0.1 2.7 -2.3 -3.3 0.5
Denver -0.2 -0.1 -0.0 3.7 -2.8 -4.9 -1.7
Los Angeles 0.2 1.9 1.2 5.4 -15.4 -24.2 -5.2
New York -0.2 -0.2 -0.4 -4.1 -9.8 -7.4 -2.8
San Francisco 0.4 0.5 0.8 12.0 -18.4 -24.3 -4.5
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