Home Prices Falling, Report Shows
Home Prices Falling, Report Shows
The S&P / Case-Shiller index of home prices in the nation's 20 largest cities was released on Tuesday, showing that home prices fell in September from a month earlier, and the rate of decline appears to be accelerating. Prices were also down for the third quarter, the report showed.
Demand has been hampered by unemployment levels hovering around 10 percent as well as the expiration in April of federal tax credits for homebuyers. Declining home values threaten to undermine an apparent improvement in consumer confidence, which is helping to boost spending and accelerate economic growth.
The Case-Shiller index, which is calculated based on three-month averages of prices, had fallen in August for the first time in four months, as the tax credits' expiration impacted the data for the first time. A number of recent data indicates would-be buyers are remaining on the sidelines. The National Association of Realtors announced last week that sales of existing homes fell 2.2 percent in October.
The Case-Shiller index of 20 cities declined 0.7 percent in September, while their index of 10 major metro areas declined 0.5 percent. After adjusting for seasonal factors, the losses were 0.8 percent and 0.7 percent, respectively. As for the third quarter, the index showed a year-to-year decrease of 1.5 percent, and a 2 percent decrease from the previous quarter. Among the twenty cities covered by the index, only Washington DC and Las Vegas showed an increase in September. Cleveland suffered the biggest decline, at 3 percent, followed by Minneapolis at 2.1 percent.
The S&P / Case-Shiller index of home prices in the nation's 20 largest cities was released on Tuesday, showing that home prices fell in September from a month earlier, and the rate of decline appears to be accelerating. Prices were also down for the third quarter, the report showed.
Demand has been hampered by unemployment levels hovering around 10 percent as well as the expiration in April of federal tax credits for homebuyers. Declining home values threaten to undermine an apparent improvement in consumer confidence, which is helping to boost spending and accelerate economic growth.
The Case-Shiller index, which is calculated based on three-month averages of prices, had fallen in August for the first time in four months, as the tax credits' expiration impacted the data for the first time. A number of recent data indicates would-be buyers are remaining on the sidelines. The National Association of Realtors announced last week that sales of existing homes fell 2.2 percent in October.
The Case-Shiller index of 20 cities declined 0.7 percent in September, while their index of 10 major metro areas declined 0.5 percent. After adjusting for seasonal factors, the losses were 0.8 percent and 0.7 percent, respectively. As for the third quarter, the index showed a year-to-year decrease of 1.5 percent, and a 2 percent decrease from the previous quarter. Among the twenty cities covered by the index, only Washington DC and Las Vegas showed an increase in September. Cleveland suffered the biggest decline, at 3 percent, followed by Minneapolis at 2.1 percent.
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