Case Shiller Home Price Indices for February 2012, showed annual declines of 3.6% and 3.5% for the 10- and 20-City Composites, respectively. This is an improvement over the annual rates posted for the month of January, -4.1% and -3.9%, respectively.


Click to enlarge:




S&P Indices
Press Release
New York, April 24, 2012

Category: Real Estate

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5 Responses to “Case Shiller: Nine cities and both composites hit new lows in February 2012.”

  1. Ted Kavadas says:

    There seems to be a very strong consensus forming that residential real estate prices have, or are very close to, “bottoming.” This is reflected in a variety of forecasts, including the 104 forecasters who participated in the Zillow March Home Price Expectations Survey.

    I am of the belief that residential real estate prices are not yet near a sustainable “bottom,” due to a variety of factors. For those interested, I have summarized the Zillow March Home Price Expectations Survey, as well as commented on my views concerning the future direction of residential real estate prices, at my blog post here:

  2. rct01 says:

    Case Shiller today is telling you what was happening back in December. Cash Shiller won’t tell us what is happening right now until fall. It’s a trailing indicator.

    The story in California (and it seems a lot of the rest of the U.S.) is really low inventory and a lot of demand. The CA coastal areas are extremely competitive right now with lot’s of multiple offers & over bidding of properties. I don’t think prices are rising, but buyers are fighting over what little inventory there is.

  3. louis says:

    Well that Financial Product didn’t hurt that bad.

  4. philipat says:

    Likely NAR headline:

    “Real Estate prices drop at their lowest YOY rate for over a year” More of the same from them is my best guess.

    There is another, final, mini-wave of ARM resets this Summer, which will result in more foreclosures, so it is unlikely that prices will truly stabilise until at least 1Q12 IMHO.

  5. Rather than limiting the universe to 10 or 20 cities, the Realty Bubble Monitor uses MLS data. Including March figures, Existing Home prices are up 6% from the Jan/2012 bottom and 12% below the Price/Family-Income long-term trend. Sales are up 26% the 2010 trough.

    New Homes are up 15% in price from the 2010 bottom and a mere 1% below the long-term trend. Sales volume is up 18% from 2010.

    So IMHO, yes the bottom is in w/o question for New Homes. Jury still out for Existing, but I’m leaning to say yes…

    RBM chart: