Photo: Wikimedia Commons
The number is up, and it’s broadly in line.
The year over year fall of 3.49% was a touch worse than expected.
Same too with the sequential decline change. It was up 0.15%, just a bit behind the 0.20% that analysts had expected.
These aren’t huge misses, and they’re better numbers than last month, but still not great.
From the report:
Data through February 2012, released today by S&P Indices for its S&P/Case- Shiller1 Home Price Indices, the leading measure of U.S. home prices, showed annual declines of 3.6% and 3.5% for the 10- and 20-City Composites, respectively. This is an improvement over the annual rates posted for the month of January, -4.1% and -3.9%, respectively. In addition to the two Composites, 15 of the 20 MSAs posted better annual returns in February compared to January; Atlanta, Chicago, Cleveland and Detroit fared worse in February and Washington DC’s rate remained unchanged. Nine MSAs and both Composites posted new cycle lows as of February 2012. Atlanta had the only double-digit negative annual at -17.3%. This was the fifth consecutive month of double-digit negative returns for Atlanta and the lowest annual return in its 20-year history.. Five of the 20 MSAs saw positive annual returns – Denver, Detroit, Miami, Minneapolis and Phoenix. Phoenix, which is one of the cities that fared the worst during the crisis, has now posted two consecutive months of positive annual returns and five consecutive positive monthly returns. However, it is still down 54.2% from its peak.
Here’s the key chart:
ORIGINAL POST: Here comes the granddaddy of home price data: The Case Shiller Home Price Index.
Analysts expect the 20-city composite index to fall 3.40%. That’s better than the 3.78% fall seen last month.
On a seasonally adjusted basis, analysts are looking for a 0.20% increase.
In general, the housing market has been a bit of a bummer lately. Things are generally looking better than they were a year ago, but there’s been some stallout in terms of new construction and price momentum.
We’ll have the full number here LIVE at 9:00 AM ET.