Case-Shiller: Seattle Prices Headed South for Winter
February 23, 2010 | Posted by Admin 
Pulte, Toll Decline Despite Decent Case-Shiller Home Price Data
The headline 20-city housing decline of 3.1% in the Case-Shiller index appears to be right in line with what analysts were expecting.
On a sequential basis, home prices fell 0.2%, which Robert Shiller attributes entirely to seasonal behavior (via CNBC)
In December, the 10-city and 20- city composites recorded annual declines of 2.4% and 3.1%, respectively, continuing the trend of increasingly smaller annual declines every month in 2009.
Home prices declined 2.5% in Q409 compared to Q408. The decline is less than the quarter-over-quarter declines in Q109 (19%), Q209 (14.7%) and Q309 (8.7%).
Once again, we get evidence that there’s no national housing market, as some cities like New York continue to fall sequentially, while Las Vegas is bouncing back a little.
For Q4 2009, US Home prices dropped 2.5%. vs Q4 ‘08. For all of 2009, quarterly price drops were:
Q1 = 19.0%
Q2 = 14.7%
Q3 = 8.7%
Q4 = 2.5%
Adding to the ongoing confusion about what’s happening in the nation’s housing market, the 20-city home price index rose 0.3 percent from November to December on a seasonally adjusted basis, but fell 0.2 percent when seasonal factors are not taken into account.
So, are home prices rising or falling?
Technically, they are now falling and have been for three months, however, when you consider that upward price moves are much stronger in the summer months than during the winter and adjust the data accordingly, home prices are now rising.
Categories: Insurance | 
Tags: case schiller, case shiller, case shiller index, s p case shiller, standard and poor s | 
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