Global| Mar 29 2011U.S. Case-Shiller Home Price Index Moves To New Low
by:Tom Moeller
|in:Economy in Brief
Summary
Home prices continue weak and fell during January to their lowest since mid-2003. During January, the seasonally adjusted Case-Shiller 20-City Home Price Index fell 0.2% after an unrevised 0.4% December drop. It was the seventh [...]
Home prices continue weak and fell during January to their
lowest since mid-2003. During January, the seasonally adjusted
Case-Shiller 20-City Home Price Index fell 0.2% after an unrevised 0.4%
December drop. It was the seventh consecutive monthly drop in the
seasonally adjusted series and the sixth when not seasonally adjusted. The
decline roughly matched consensus
expectations. During the last twelve months, prices fell 3.0%. The
narrower 10 City Composite Home Price Index of prices fell
0.2% (-2.0% y/y) during January, also down for the seventh consecutive month.
Price declines remained widespread through the U.S. During the last twelve months declines were most notable in Phoenix, Detroit, Portland, Minneapolis, Chicago, Tampa, Atlanta, Seattle, Charlotte, Miami, Las Vegas, Cleveland, New York, Dallas, Denver, Los Angeles, San Francisco and Boston. Prices rose in Washington D.C. and inched up in San Diego.
The Case-Shiller home price series is 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.
Household Balance Sheets and the Recovery from the Federal Reserve Bank of Cleveland is available here.
| S&P Case-Shiller Home Price Index (%) | Jan | Dec | Nov | Jan Y/Y | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|
| 20 City Composite Index | -0.2 | -0.4 | -0.6 | -3.0 | 1.3 | -13.3 | -15.7 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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