Home prices flattening: Case-Shiller

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U.S. home prices improved for the ninth straight month in October, according to Standard & Poor’s data from the S&P/Case-Shiller Home Price Indices released this morning, but the pace of recovery is flattening (see the full report below). On average, prices have returned to their Fall 2003 levels; the 10-city composite is down 29.8 percent off its peak in the second quarter of 2006 and the 20-city composite is down 29 percent. The composites were down 6.4 and 7.3 percent year-over-year. In New York, prices stayed flat month-over-month, but saw a 7.7 percent decline since October of last year. “The turn-around in home prices seen in the spring and summer has faded…this report should be described as flat,” said David Blitzer, chairman of the Index Committee at Standard & Poor’s. “Coming after a series of solid gains, these data are likely to spark worries that home prices are about to take a second dip.” TRDS&P/Case-Shiller Home Price October Results