United States: Home prices fall towards April 2009 trough
February 22, 2011
The S&P/Case-Shiller home price composite 20-city index fell in December for a fifth consecutive month, decreasing 1.0% over the previous month on a non-seasonally adjusted basis (November: -1.0% month-on-month). Compared to the previous year, home prices continued to moderate, surprising market analysts on the downside by falling 2.4%. Home prices are quickly approaching the trough recorded in April 2009. At the current level, home prices have only recovered an accumulated 2.3% since the low and remain 31.0% below their July 2006 peak. According to the chairman of the index committee at S&P David Blitzer, home prices remain weak despite improvements in the overall economy.