United States: Home prices continue to tumble at the outset of 2011
March 29, 2011
The S&P/Case-Shiller home price composite 20-city index dropped 1.0% in January over the previous month on a non-seasonally adjusted basis (December: -1.0% month-on-month), which represented the sixth consecutive month of falling prices. At the current level, prices are 3.1% lower than in the same month last year. Owing to the weakness of the housing market observed over recent quarters, home prices are steadily descending to the trough recorded in April 2009. That said, home prices have only recovered an accumulated 1.1% since the low and remain 31.8% below the July 2006 peak. According to S&P, ?the housing market recession is not yet over, and none of the statistics are indicating any form of sustained recovery?.