The number is out: House prices fell 3.96% form last year, a hair worse than the 3.95% expected and worse than the revised 3.77% decline last month.
Sequentially, house prices fell 0.09%, though on non-seasonally adjusted basis there was a slight increase.
Here’s the commentary:
Data through April 2011, released today by S&P Indices for its S&P/Case- Shiller1 Home Price Indices, the leading measure of U.S. home prices, show a monthly increase in prices for the 10- and 20-City Composites for the first time in eight months. The 10- and 20-City Composites were up 0.8% and 0.7%, respectively, in April versus March. Both indices are lower than a year ago; the 10-City Composite fell 3.1% and the 20-City Composite is down 4.0% from April 2010 levels. Six of the 20 MSAs showed new index lows in April – Charlotte, Chicago, Detroit, Las Vegas, Miami and Tampa. Thirteen of the cities and both composites posted positive monthly changes. With index levels of 152.51 and 138.84, respectively, both the 10- and 20-City Composites are above their March 2011 levels, which had been a new crisis low for the 20-City Composite.
You can download the full report here.
And for a graph of the accelerating double dip, see here.
Background: Here it comes: The gold standard of housing market indices.
The official forecast is for a 3.85% year-over-year decline in the Case-Shiller 20 city index. That’s worse than last month’s 3.61% decline.
As we’ve been observing for months now, the housing double dip definitely appears to be on, taking the whole economy (or at least consumer confidence) down with it.
The number will be released at 9:00 AM ET.
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