US home prices drops in 20 major cities, 3.1% decline from January 2010

By on Mar 30, 2011 in Business, Lifestyle, United States Comments

Homes prices in 20 major cities in the US dropped dramatically as of January 2011, according to the latest price index released by Standard & Poor’s/Case-Shiller on Tuesday, March 29, 2011.

US home prices 2010

S & Poor’s/Case-Shiller Home Price Indices
(Click Image to Enlarge)

Graph Credit: StandardandPoors.com

The Standard & Poor’s/Case-Shiller price index, which focuses on tracking home prices in the US, showed a drop of 3.1% from January 2010 and 1.0% from December, in which analysts believe that the rebound may take longer.

As shown here in the graph, the annual returns of the 10-City and the 20-City composite home prices showed -2.0% and -3.1% respectively, which continuously drops for the last six consecutive months.

As for the monthly basis of the composite house prices, the annual returns of the 10-City went down by 0.9% while the 20-City dropped by 1.0% in January against December 2010.

Meanwhile, among the 20 major cities that were presented, only Washington D.C. and San Diego had positive results for the annual rates throughout 2010, with 3.6% and 0.1%, respectively.

Home prices in Detroit had a drop of 8.1% and suffered a 34%-decline from the 2000 level, while Phoenix recorded a 9.1% drop, as shown in the table below.

“Keeping with the trends set in late 2010, January brings us weakening home prices with no real hope in sight for the near future,” Standard & Poor‘s committee chairman David M. Blitzer said on the report.

“The housing market recession is not yet over, and none of the statistics are indicating any form of sustained recovery.” Mr. Blitzer added.

The complete details and additional graph can be found at StandardandPoors.com, which is usually being updated every last Tuesday of the month.



S & Poor’s/Case-Shiller Home Price Indices US Major Cities
Table Credit: StandardandPoors.com


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