US housing prices at lowest point in a decadeApril 25th, 2012 - 11:26 am ICT by IANS
New York, April 25 (IANS/EFE) Prices of single-family homes in the 20 largest US metropolitan areas fell 3.5 percent in February from a year earlier, leaving the national averages at their lowest level since early 2003, according to the latest S&P;/Case-Shiller Home Price Indices.
Both the 10-City and the 20-City Composite Home Price Indices slipped by 0.8 percent between January and February, show the indices released Tuesday by Standard and Poor’s.
Inter-annual price declines eased from 4.1 percent and 3.9 percent, respectively, in January, to 3.6 percent and 3.5 percent in February.
“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,” David M. Blitzer, chairman of the Index Committee at S&P; Indices, said in a news release.
Nine cities - Atlanta, Charlotte, Chicago, Cleveland, Las Vegas, New York, Portland, Seattle and Tampa - saw home prices fall to their lowest level since before the housing bubble burst in 2007.
Home prices in Atlanta plunged 17.3 percent over the 12 months ending Feb 29.
US home prices have plunged 35 percent from their level at the peak of the housing boom in mid-2006, Case-Shiller’s data shows.
- US housing prices still falling - Feb 01, 2012
- US housing prices dipped in October - Dec 28, 2011
- House prices still falling in US - Mar 30, 2011
- US home prices snap losses, rise in April - Jun 26, 2012
- US home prices up for first time in eight months - Jun 29, 2011
- US new homes sales decline in June - Jul 27, 2011
- New home sales in US rose in November - Dec 24, 2011
- Home sales fall in Spain - Aug 11, 2011
- Wall Street takes breather after Fed-fuelled rally (Lead) - Mar 28, 2012
- US stocks flat after Fed-fuelled rally - Mar 28, 2012
- Spanish economy back in recession - Apr 24, 2012
- US new home sales fall 1.6 percent in February - Mar 24, 2012
- US consumer confidence at five-month low - Mar 12, 2011
- US consumer prices rise - Mar 17, 2012
- Personal incomes, spending rise in the US - Mar 29, 2011
Tags: 12 months, david m blitzer, decade, efe, feb 29, housing boom, housing bubble, largest us metropolitan areas, las vegas, months of the year, national averages, news release, price declines, price indices, seattle, single family, standard and poor