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Jun 30: Home Prices Down
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The S&P/Case-Shiller 10-City Home Price Index decreased by 0.7% in April following a 2.1% decline in March and a 2.1% drop in February, and fell 18.0% over the year. The S&P/Case-Shiller 20-City Home Price Index declined by 0.6% in April, following a 2.2% reduction in March and a 2.2% reduction in February, while down 18.1% over the year This is the 33nd consecutive month residential real estate has fallen, starting from August 2006, retrogressing home prices back to mid-2003 levels. Home price reductions were widespread geographically such that all 20 MSAs observed annual residential value declines, 11 of which also exhibited monthly declines in home prices. The extremes were index in Dallas which increased the most, by 1.7% in April (down 5% over the year), and Las Vegas, with an index value down 3.5% over the month, and down 32.2% over the year. Although the home price indices continue to decline, the pace has slowed down in April.
The Consumer Confidence Index fell to 49.3 in June, after having soared to 54.8 (revised from 54.9) in May, which was its highest level in 8 months, following a value of 40.8 in April. The index is nearly twice the value of its record low of 25 which was hit in February. Consumers’ short term outlook worsened and the employment situation became more pessimistic. The Present Situation Index increased to 24.8 from 29.7 in May, and the Expectations Index fell to 65.5 from 71.5 in May.
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| Market Summary | May 25, 2012 14:35 pm ET |
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