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THE NUMBER IS OUT…
Still no housing bottom yet.
Home prices fell 3.59% in September, according to the S&P Case-Shiller index.
That’s better than the 3.78% decline seen the month before, but notably worse than the 3.00% decline that analysts had expected.
The full report can be found here.
From the announcement:
Data through August 2011, released today by S&P Indices for its S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, showed increases of +0.2% for the 10- and 20-City Composites in August versus July. 10 of the 20 cities covered by the indices also saw home prices increase over the month. In addition, 16 of the 20 MSAs and both Composites posted improved annual returns compared to July’s data; Los Angeles and Miami saw no change in annual returns in August; and Atlanta and Las Vegas saw their annual rates of change fall deeper into negative territory. The 10- and 20-City Composites posted annual returns of -3.5% and -3.8% versus August 2010, respectively. At -8.5%, Minneapolis posted the lowest year-over-year return, but has improved in each of the last three months. Detroit and Washington DC were the only two cities to post positive annual returns of +2.7% and +0.3% respectively.
ORIGINAL POST: The big datapoint of the day: The S&P/Case-Shiller Home Price Index.
Analysts expect a 3.0% year-over-year decline in home prices for September. That would be an improvement from the 3.80% decline in the month before.
On a sequential basis, the decline is expected to be 0.1%.
There have been a few faint glints of housing optimism, including some firming new home sales numbers, and an improvement in the rate of decline on prices, but still nothing certain.
The number comes out at 9:00 AM ET, and we’ll have it LIVE right here.
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