Case-Shiller index data through December 2010 was released today, and the news isn’t good for home owners.
“Data through December 2010, released today by Standard & Poor’s for its S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, show that the U.S. National Home Price Index declined by 3.9% during the fourth quarter of 2010. The National Index is down 4.1% versus the fourth quarter of 2009, which is the lowest annual growth rate since the third quarter of 2009, when prices were falling at an 8.6% annual rate. As of December 2010, 18 of the 20
MSAs covered by S&P/Case-Shiller Home Price Indices and both monthly composites were down compared to December 2009. Both Los Angeles and San Francisco reported negative annual rates of return in December, leaving San Diego and Washington DC as the only two cities where home prices are
increasing on a year-over-year basis, +1.7% and +4.1%, respectively.”
It looks like we’re seeing more evidence of that Case-Shiller 2011 Double-Dip that I wrote about before. Both Cleveland and Las Vegas home values are below their 2000 levels. On average, we’re at 2003 levels. We’re also approaching the bottom of the trough reached in 2009. Below is a quick chart I made using the data since 2000.
I don’t have a whole lot of other insight at this point. Just think it’s interesting to watch everything unfold.