The Standard & Poor’s/Case-Shiller Home Price Index showed further decleration in the annual growth rates in 13 of the 20 MSAs and the 10- and 20-City Composites compared with December.
The 10-City Composite declined 2 percent, and the 20-City Composite fell 3.1 percent from their January 2010 levels. San Diego and Washington D.C. were the only two markets to record positive year-over-year changes. However, San Diego’s increase was minimal at only 0.1 percent. The same 11 cities that had posted recent index level lows in December 2010, posted new lows in January.
“These data confirm what we have seen with recent housing starts and sales reports. The housing market recession is not yet over, and none of the statistics are indicating any form of sustained recovery,” said David M. Blitzer, chairman of the Index Committee at Standard & Poor's. “At most, we have seen all statistics bounce along their troughs; at worst, the feared double-dip recession may be materializing.”
Source: Case-Shiller Index
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