Home Add to Favorite Contact Submit  
           23 September, 2019


    
Category:  Press » Finances

 

Home Prices Still Improving but at a Moderating Pace Entering the Fourth Quarter of 2009 According to the S&P/Case-Shiller Home Price Indices

Popularity:
         Views: 984
2009-12-30 04:09:15     
Standard & Poor's

Data through October 2009, released today by Standard & Poor's for its S&P/Case-Shiller (1) Home Price Indices, the leading measure of U.S. home prices, show that the annual rate of decline of the 10-City and 20-City Composites improved compared to last month's reading. This marks approximately nine months of improved readings in these statistics, beginning in early 2009.

The annual returns of the 10-City and 20-City Composite Home Price Indices, declining 6.4% and 7.3%, respectively, in October compared to the same month last year. All 20 metro areas and both Composites showed an improvement in the annual rates of decline with October's readings compared to September.

"The turn-around in home prices seen in the Spring and Summer has faded with only seven of the 20 cities seeing month-to-month gains, although all 20 continue to show improvements on a year-over-year basis. All in all, this report should be described as flat," says David M. Blitzer, Chairman of the Index Committee at Standard & Poor's. "Coming after a series of solid gains, these data are likely to spark worries that home prices are about to take a second dip. Before jumping to conclusions, recognize that the one time that happened at the beginning of the 1980s, Fed policy saw dramatic reversals, which is very different from the stable and consistent Fed policy we have today. Further, sales of existing homes - those included in the S&P/Case-Shiller Home Price Indices - have been very strong in recent months, working off the inventories of houses for sale. At the same time, housing starts remain weak, fears that the market will be swamped by a wave of foreclosures are heard and government programs aimed at the housing market will expire in the first half of 2010."

The index levels for the 10-City and 20-City Composite Indices. As of October 2009, average home prices across the United States are at similar levels to where they were in the autumn of 2003. From the peak in the second quarter of 2006 through the trough in April 2009, the 10-City Composite is down 33.5% and the 20-City Composite is down 32.6%. With the relative improvement of the past few months, the peak-to-date figures through October 2009 are -29.8% and -29.0%, respectively.

San Francisco has reported seven consecutive months of positive returns, San Diego has reported six and Los Angeles and Phoenix are close behind with five. While the two Composites were flat, seven of the MSAs reported positive monthly returns for October and two of those -- Phoenix and San Francisco -- were greater than +1.0%. Looking at the annual statistics, both Minneapolis and Portland are no longer reporting double-digit declines. Denver and Dallas are nearing positive territory with their annual figures at -0.1% and -0.6%, respectively.

Las Vegas remains the one market that has not seen a glimmer of hope so far this year. Prices have declined for 38 consecutive months, with a peak-to-trough reading of -55.4%. It is now barely 5% above its January 2000 level. This compares to its peak in August 2006, when the average home price was 135% above that same level.

The table below summarizes the results for October 2009. The S&P/Case-Shiller Home Price Indices are revised for the 24 prior months, based on the receipt of additional source data.

October/ September/
October 2009 September August
Metropolitan 1-Year Change
Area Level Change (%) Change (%) (%)
------------ ----- ---------- ---------- -------------
Atlanta 110.12 -1.0% 0.0% -8.1%
Boston 154.70 -0.6% -0.2% -2.8%
Charlotte 119.05 -0.7% -0.7% -7.0%
Chicago 130.78 -1.0% 1.2% -10.1%
Cleveland 104.97 -0.7% -1.6% -3.5%
Dallas 119.90 -0.6% -0.7% -0.6%
Denver 128.91 -0.4% -0.5% -0.1%
Detroit 73.07 0.2% 1.8% -15.1%
Las Vegas 104.70 -0.1% -0.9% -26.6%
Los Angeles 168.43 0.3% 0.8% -6.3%
Miami 149.09 -0.4% 0.5% -14.0%
Minneapolis 124.51 -0.5% 1.9% -8.4%
New York 175.01 0.0% -0.1% -7.7%
Phoenix 110.71 1.3% 0.8% -18.1%
Portland 149.88 0.1% -0.5% -9.9%
San Diego 155.37 0.4% 0.9% -2.4%
San Francisco 135.81 1.2% 1.3% -2.6%
Seattle 149.26 0.2% -0.4% -12.4%
Tampa 140.27 -1.6% -0.6% -15.2%
Washington 179.71 -0.4% 0.5% -2.8%
Composite-10 158.82 0.0% 0.5% -6.4%
Composite-20 146.58 0.0% 0.4% -7.3%
------------ ------ --- --- ----
Source: Standard & Poor's and Fiserv
Data through October 2009

Since its launch in early 2006, the S&P/Case-Shiller Home Price Indices have published, and the markets have followed and reported on, the non-seasonally adjusted data set used in the headline indices. For analytical purposes, Standard & Poor's does publish a seasonally adjusted data set covered in the headline indices, as well as for the 17 of 20 markets with tiered price indices and the five condo markets that are tracked. A summary of the monthly changes using the seasonally adjusted (SA) and non-seasonally adjusted (NSA) data can be found in the table below.

A summary of the monthly changes using the seasonally adjusted (SA) and non-seasonally adjusted (NSA) data can be found in the table below.

October/September Change (%) September/August Change (%)
Metropolitan
Area NSA SA NSA SA
------------ --- --- --- ---
Atlanta -1.0% -0.2% 0.0% 0.1%
Boston -0.6% -0.2% -0.2% -0.5%
Charlotte -0.7% 0.1% -0.7% -0.3%
Chicago -1.0% -1.0% 1.2% 1.2%
Cleveland -0.7% -0.4% -1.6% -1.0%
Dallas -0.6% 0.0% -0.7% -0.3%
Denver -0.4% 0.3% -0.5% 0.1%
Detroit 0.2% 1.2% 1.8% 1.1%
Las Vegas -0.1% -0.3% -0.9% -1.1%
Los Angeles 0.3% 0.7% 0.8% 0.7%
Miami -0.4% -0.5% 0.5% 0.6%
Minneapolis -0.5% 0.2% 1.9% 1.2%
New York 0.0% -0.2% -0.1% -0.1%
Phoenix 1.3% 1.0% 0.8% 1.0%
Portland 0.1% 0.3% -0.5% -0.5%
San Diego 0.4% 1.1% 0.9% 1.0%
San Francisco 1.2% 1.7% 1.3% 1.6%
Seattle 0.2% 0.4% -0.4% -0.2%
Tampa -1.6% -1.2% -0.6% -1.1%
Washington -0.4% 0.2% 0.5% 0.6%
Composite-10 0.0% 0.4% 0.5% 0.3%
Composite-20 0.0% 0.4% 0.4% 0.2%
------------ --- --- --- ---
Source: Standard & Poor's and Fiserv
Data through October 2009

The S&P/Case-Shiller Home Price Indices are published on the last Tuesday of each month at 9:00 am ET. They are constructed to accurately track the price path of typical single-family homes located in each metropolitan area provided. Each index combines matched price pairs for thousands of individual houses from the available universe of arms-length sales data. The S&P/Case-Shiller National U.S. Home Price Index tracks the value of single-family housing within the United States. The index is a composite of single-family home price indices for the nine U.S. Census divisions and is calculated quarterly. The S&P/Case-Shiller Composite of 10 Home Price Index is a value-weighted average of the 10 original metro area indices. The S&P/Case-Shiller Composite of 20 Home Price Index is a value-weighted average of the 20 metro area indices. The indices have a base value of 100 in January 2000; thus, for example, a current index value of 150 translates to a 50% appreciation rate since January 2000 for a typical home located within the subject market.

These indices are generated and published under agreements between Standard & Poor's and Fiserv, Inc. The S&P/Case-Shiller Home Price Indices are produced by Fiserv, Inc. In addition to the S&P/Case-Shiller Home Price Indices, Fiserv also offers home price index sets covering thousands of zip codes, counties, metro areas, and state markets. The indices, published by Standard & Poor's, represent just a small subset of the broader data available through Fiserv.

About S&P Indices

S&P Indices, the world's leading index provider, maintains a wide variety of investable and benchmark indices to meet an array of investor needs. Over $1 trillion is directly indexed to Standard & Poor's family of indices, which includes the S&P 500, the world's most followed stock market index, the S&P Global 1200, a composite index comprised of seven regional and country headline indices, the S&P Global BMI, an index with approximately 11,000 constituents, and the S&P GSCI, the industry's most closely watched commodities index.

About Standard & Poor's

Standard & Poor's, a subsidiary of The McGraw-Hill Companies (NYSE: MHP), is the world's foremost provider of independent credit ratings, indices, risk evaluation, investment research and data. With offices in 23 countries and markets, Standard & Poor's is an essential part of the world's financial infrastructure and has played a leading role for nearly 150 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions.

Specialized in: Home Prices - Still Improving - Moderating Pace - Entering
URL: http://www.standardandpoors.com
Print press release      Bookmark this page
Related Press releases 
California Cannabis Insurance Company Explains Marijuana Surety Bonds (Popularity: ): Los Angeles, California ( press.abc-directory.com ) May 20, 2019 - MFE Insurance, a California cannabis insurance company, recently released a blog discussing the use of surety bonds for marijuana dispensaries. While there is no single surety bond available for the industry on a national basis, states require medical and recreational dispensaries to carry various types of bonds before they can begin operation.Surety bonds provide a financial guarantee that the bond ...
E&O Insurance Policies Explained By Fairfax Health Insurance Brokers (Popularity: ): Fairfax, Virginia ( press.abc-directory.com ) February 27, 2019 - The Fairfax health insurance brokers at BBG Broker recently published a blog explaining the purpose of E&O insurance policies and why certain businesses should carry it. Certain industries require it, but it may be beneficial even for those that do not.E&O, or errors and omissions insurance, is a type of professional liability insurance. It protects companies and their employees against claims ...
LA Specialty Insurance Agency Discusses Dram Shop Liability Insurance (Popularity: ): Los Angeles, California ( press.abc-directory.com ) February 5, 2019 - MFE Insurance, a Los Angeles specialty insurance agency, recently released a blog educating readers on the benefits of dram shop liability insurance. Having this type of insurance can protect establishments from costly legal expenses and prevent financial issues.Dram shop laws in 38 states stipulate that a business that sells alcoholic drinks or a host who gives liquor to a person ...
Adam Bergman – IRA Financial Group Partner – Highlights House Tax Plan & Impact on Real Estate Investors in New Podcast (Popularity: ): NEW YORK - November 17, 2017 -- Adam Bergman, a partner with the IRA Financial Group, the leading provider of self-directed IRA LLC and Solo 401(k) plan solutions, announces the release of a new podcast that examines the new House tax bill and its impact on the individual, businesses, and retirement accounts. The main emphasis of the House's “Tax Cut and Jobs Act” is to lower taxes on companies in ...
FAAIF Announces Introduction to Sukuk Two-Day Workshop at Sofitel Hotel in New York City October 11-12, 2014 (Popularity: ): New York, September 20, 2014 -- Camille Paldi, CEO of FAAIF, is excited to bring training in the sukuk structure to an American audience. Paldi says the time is now for the USA to enter the sukuk market as the UK has just issued a 200 million pound sukuk, bringing in funds for the UK government and businesses. Paldi emphasizes that the USA may get left behind if it does ...

Press release home snapshot 


Related Business 
SRA Home Products, Inc. (Popularity: ): Professional home improvement based company located in New Jersey and also serving the Philadelphia and Delaware regions. On February 17, 2009 President Obama signed the American Recovery and Reinvestment Act of 2009 into law, thus providing great benefit to the home improvement industry and consumers alike.
Home Sweet Home® Cleaning (Popularity: ): Home Sweet Home is one of the very few cleaning franchises that can boast being both ethical and very profitable, normally it's one or the other! In 2009, having run the the flagship Home Sweet Home cleaning agency in Edinburgh for over 5 years, Managing Director Catherine Lazcano-Thornton decided the time was right to expand. After attending a few seminars and talks it was apparent franchising had a great potential.
High End Furniture and Rugs In Toronto (Popularity: ): In 1919 in Paris France, Léon Tenenbaum founded a company that would eventually become a leader in retailing home furnishings. His vision, to bring unique home furnishings items from around the world has remained true through the fourth generation and in 2009, we will celebrate our 90th anniversary. Elte's family legacy began 90 years ago when Léon Tenenbaum opened the original Establishments Elte in Paris. His initials LT formed the ...
Whats The Price (Popularity: ): At WhatsThePrice, you can instantly find the best prices of thousands of unique products across several categories, like Mobiles, Computers, TV's, Gaming, Health & Beauty, Home & Kitchen and Cameras. The website makes it easy to find the best price of a product by comparing hundreds of ecommerce stores and their respective prices. That means you always get the right product from the right seller at the best price.
Home Construction Parnter (Popularity: ): Here is totally best ideal information about home iprovement, also with these ideas we provide from shopping to do it yourself methods of improving every singel room in your home for free right now.
Fourth Horseman Productions (Popularity: ): The end is nigh. Follow the fourth horseman into a gallery of the end times. Explore Revelation in apocalyptic art and fiction with Fourth Horseman Productions, the online home of Brian A. Dixon.
Love Home Swap (Popularity: ): You can house swap Spain for anywhere in the World with Love Home Swap. Save money by swapping homes with another for a truly wonderful trip away from home. Preceded by its sister service, Luxe Home Swap, the idea came about in 2009 when Debbie was struggling to find a holiday that would work for her and her young family.
Trafalgar Homes (Popularity: ): We are a professional in home construction for more than 20 years. Where price is key and you are price conscience, a Trafalgar Home costs 30% less than comparable homes from other builders. Experience is an essential part of Trafalgar Homes’ ability to save clients at least 30 per cent when building their new homes. From the moment the client chooses the home design, Trafalgar Homes knows exactly what will be required ...
Home Stages Designs (Popularity: ): We, at Home Stages Designs understand and have extended our special price for our Home Staging Training CD. Let us help get you started in a new career or even your own business. We are proud that we can offer this Home Staging Training CD at this price. We have included everything that you will need to get your business off the ground at low up front costs.
Quarter Cav (Popularity: ): Home of The History of Quarter Cav in Vietnam Project. A place where members of the Quarter Cav can place and view pictures to find each other. Includes email addresses.