Interest Rate Roundup

Tuesday, June 26, 2007

Case-Shiller home price index shows 2.1% YOY drop

We just got the latest data on U.S. home prices from S&P/Case-Shiller. The group's composite 20-city index showed home prices down 0.23% in April from March. The index was down 2.13% from a year earlier.

It's worth noting that the 0.23% monthly drop is the smallest since last October. That might be slightly encouraging if it weren't for the fact that other data (May existing home sales, June home builder confidence, this morning's dismal earnings report from Lennar, etc.) indicate the market has deteriorated since then.

By city, the biggest year-over-year price declines were in Detroit (-9.35%), San Diego (-6.7%), and Washington D.C. (-5.7%). The largest gains were in Seattle (+9.64%) and Charlotte (+6.97%). 14 of 20 cities showed YOY drops.


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