Source: S&P
U.S. home prices declined for a third straight month in nearly all cities tracked by Standard & Poor’s/Case-Shiller home price index, according to figures released today, an indication that most homeowners are not seeing the benefits from some signs of an improving housing market.
There were declines of 1.3 percent for both the 10- and 20-city composites in November over October, the index shows; annual returns dropped 3.6 percent and 3.7 percent, respectively. [more]
For the first time in 11 months, U.S. housing prices increased month-over-month for a second consecutive time in May 2011, according to the latest data from the Standard & Poor’s Case-Shiller U.S. National Home Price Index released today. The 20-city composite rose 1 percent from April to 140.95 — roughly the equivalent to housing prices earlier in the recession, in May 2009, and before the peak in June 2003; all metropolitan areas excepting Detroit, Las Vegas, Tampa and Phoenix posted housing price gains. Despite the modest price increases, the 20-city index is 4.5 percent below where it stood in May 2010, as 19 of the metropolitan areas posted losses, led by Minneapolis, Phoneix, Portland, Tampa and Detroit where prices plummeted at least 9 percent. Only Washington, D.C. posted a year-over-year gain, as prices rose 1.3 percent. — Adam Fusfeld [more]
U.S. home prices appear to have turned a corner this spring after a year’s worth of declines, but whether the housing market has truly bottomed out remains to be seen.
The Federal Housing Finance Agency said today that prices rose by 0.4 percent nationwide in May, which follows a slight uptick reported in April by multiple research firms. As of the end of May, home prices had fallen by 6.3 percent over the 12 months prior and stood at 19.6 percent below their April 2007 peak — approximately even with home prices from January 2004.
The FHFA’s numbers show a 0.2 percent increase in home prices in April, so it’s possible that the gradual acceleration in the May data could indicate the beginning of the end of the bleeding for U.S housing. However, analysts often note that housing data tends to improve only temporarily during the spring homebuying season. – Sarabeth Sanders [more]
From the July issue: One of the condo buildings at Forest City Ratner’s long-delayed, mixed-use mega-project in Yonkers will soon be opening.
The $660 million project — which sits on 81 acres along the New York State Thruway and has been dubbed Ridge Hill Village — will include 1,000 rental and condo units. It will also include 1.2 million square feet of retail, 160,000 square feet of offices and possibly a hotel.
According to published reports, once complete, the project — which faced community opposition and legal hurdles — is expected to generate almost $24 million in annual tax revenue for the financially troubled city of Yonkers. It is also expected to generate $8.6 million in county taxes and $29.3 million in state taxes.
As of late May, the Horizon Group, the builder of the Monarch condo, which is set to open at Ridge Hill Village, had received deposits for 25 of its 162 units, according to the New York Times. Compiled by Omari Allen [more]
After sinking to their lowest crisis level in March, national housing prices posted modest gains in April, according to the latest Standard & Poor’s Case-Shiller U.S. National Home Price Index released today. The 20-city composite jumped 0.7 percent from March’s seasonally adjusted rate, and the index now stands at 138.84 where an index of 100 equals home prices in January 2000. Housing prices in April 2011 are roughly where they stood during the summer of 2003, and remain 4 percent below the 20-city composite in April 2010. “In a welcome shift from recent months, this month is better than last – April’s numbers beat March,” said David Blitzer, chairman of the Index Committee at S&P Indices. – Adam Fusfeld [more]
National housing prices have hit a new low, and economists believe the descent is far from over. House prices fell 4.2 percent in the first quarter of 2011, according to Standard & Poor’s Case-Shiller U.S. National Home Price Index, following a 3.6 percent decline in the first quarter of 2011. The index’s 20-city composite now stands at 138.16 (compared to the January 2000 basis of 100), more than 1 point below the previous recession low of 139.26 recorded in April 2009, and equal to national housing values in mid-2002. TRD [more]
A 1 percent climb in new jobs nationwide last year won’t be enough to boost the lethargic housing market, according to a report from Local Market Monitor, a home price forecasting firm. The negligible boost in new jobs won’t be enough to make up from 2009′s 3 percent job loss, the report says, spelling bad news for the housing market, which many experts agree is largely dependent on employment. This news comes on the heels of a negative U.S. housing market report from Case-Shiller late last month, which showed that January housing prices are down 3 percent from the same month a year earlier. [Housing Wire]
New York City-area home prices remained relatively flat in January, according to the S&P/Case-Shiller Home Price Index, released today. The report, which does not take condominium or co-op units into account, shows a 0.9 percent drop in home prices month-over-month (see full report below). Prices are down 3 percent from the same time period a year ago. This performance is in line with the overall momentum in the housing market nationwide. The index’s 20-city composite dropped 1 percent month-over-month and declined 3.1 percent from January 2010. David Blitzer, chairman of S&P’s Index Committee, said that the data show a protracted real estate slump. “The housing market recession is not yet over, and none of the statistics are indicating any form of sustained recovery,” Blitzer said. “At most, we have seen all statistics bounce along their troughs; at worst, the feared double-dip recession may be materializing.” TRD
The decline in New York-area home prices quickened in October, dropping 1.6 percent month-over-month, according to the latest S&P/Case-Shiller Home Prices Indices, released this morning. It was the second straight monthly decline for home prices in the region, where September brought a 0.5 percent month-over-month dip. It was trend echoed nationwide, as all 20 cities surveyed registered decreases in their October home prices, when compared to September. “The double-dip is almost here,” Index Committee Chairman David Blitzer said ominously in a statement accompanying the new data. “There is no good news in October’s report.” TRD [more]
U.S. home prices declined 2 percent in the third quarter of 2010, after rising 4.7 percent in the second quarter, according to data released today by Standard & Poor’s/Case-Shiller Home Price Index. Nationally, home prices saw a 1.5 percent year-over-year decrease, the report shows. While housing prices are still above their spring 2009 lows, the end of the tax incentives and still active foreclosures appear to be weighing down the market, experts said. “The national economy is still the number one issue for housing,” said David Blitzer, chairperson of the Index Committee at S&P. “Additionally, there is a large supply of houses on the market and further, hidden, supply due to delinquent mortgages, pending foreclosures or vacant homes.” TRD [more]
