Case-Shiller Home Price Index Goes Down
According to Standard & Poor's Case-Shiller home price index, U.S. home prices dropped in September, again. In the third quarter of 2011, home prices have returned to the prices of homes last seen in 2003. They were up one-tenth of one percent from the second quarter, but were down almost four percent as compared to the third quarter in 2010.
The good news is that the rate at which houses are falling are slowing somewhat. The second quarter of 2011 drop in housing prices was nearly six percent lower as compared to housing prices in 2010.
Of the twenty major metropolitan markets in the United States, three reported increased prices in from August. The Case-Shiller index of ten major metropolitan areas was down four-tenths of one percent in September from the previous month. In addition, the twenty city index was down six-tenths of one percent in September from the previous month. These declines are the first monthly declines after five months of slow increases in housing prices.
The ever-continuing yearly drop housing prices went forward as the unadjusted September housing prices declined 3.3% for the ten city major market index and 3.6% for the twenty city market index. Only Detroit and Washington, D.C. showed yearly improvements in yearly housing prices of 3.7% and 1% respectively.