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S&P Says Home Prices Improve for Fourth Straight Month
Home prices across the nation improved for their fourth consecutive month in May but remain about 17% lower than one year ago, according to the S&P Case-Shiller Home Price Index.rnrnThe 10-City and 20-City Composites are 16.8% and 17.1% lower, respectively, compared to May 2008. Historically, those are major declines, but in the current context they represent the slowest annual price drops in close to a year. Just one month before, the figures were -18.0% and -18.1%.
Case-Shiller Home Prices, Consumer Confidence, Treasury Auction
With sales of new and existing homes increasing and mortgage rates moderating, the housing market is ready to stabilize and begin recovering from the sub-prime meltdown. That can’t happen without prices stabilizing too, as continuing deflation gives potential homebuyers the incentive to wait on the sidelines. So markets will be paying close attention this morning to the S&P Case-Shiller index, which is expected to show the annual decline in prices moderating.
Mid-Day Recap: Stocks Fall Despite Major Gain in New Homes Data
Markets jumped in the minutes after the New Home Sales report posted its biggest one-month leap in eight year, as of noon in Monday’s session all three markets have dipped back into the red. However, markets shot up more 11% over the past two weeks, so the minor decline isn’t too worrying yet.
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