Housing Prices at New Low
Although news on the home building front has been improving, the latest S&P Case-Shiller Home Price Index is at its lowest level since 2003. The 20-city composite index for 2011 fell by -4%. The S&P analyst put the news succinctly:…
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Although news on the home building front has been improving, the latest S&P Case-Shiller Home Price Index is at its lowest level since 2003. The 20-city composite index for 2011 fell by -4%.
The S&P analyst put the news succinctly:
Up until today’s report we had believed the crisis lows for the composites were behind us, with the 10-City Composite originally hitting a low in April 2009 and the 20-City Composite in March 2011. Now it looks like neither was the case, as both hit new record lows in December 2011. The National Composite fell by 3.8% in the fourth quarter alone, and is down 33.8% from its 2nd quarter 2006 peak. It also recorded a new record low. … The pick-up in the economy has simply not been strong enough to keep home prices stabilized. If anything it looks like we might have reentered a period of decline as we begin 2012.
The report is available here.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.