The latest Case-Shiller Home Price Index from Standard & Poor’s shows a drop in U.S. home prices in February for the year, although there was improvement over January’s prices. Analysts are eager to find something positive in the month-on-month improvement, but are in agreement that the overarching message is that home prices in the U.S. are still in decline and that the market has yet to find a bottom. The 3.5% drop was measured across 20 major markets and makes for the sixth consecutive monthly drop in prices. For more on this continue reading the following article from TheStreet.
Home prices fell in February for the sixth consecutive month, but showed slight improvement from January’s returns.
Standard & Poor’s Case-Shiller home-price index showed Tuesday that home prices fell as the 20-City Composite in February was down 3.5% year over year.
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" While there might be pieces of good news in this report, such as some improvement in many annual rates of return, February 2012 data confirm that, broadly-speaking, home prices continued to decline in the early months of the year," said David Blitzer, chairman of S&P’s index committee, in a statement.
The 10- and 20-City Composites improved against the annual rates posted in January of -4.1% and -3.9%, respectively.
The 10-City Composite was down 3.6% from February 2012.
This article was republished with permission from TheStreet.