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Mortgage News Daily combines the expertise of some of the housing industry's leading minds with the power of social media to offer an always lively, constantly evolving web community. MND communicates breaking news, streams video, and provides expert opinion and commentary to a community of interested market professionals and curious consumers.S&P/Case-Shiller: Home Prices Rise in June. Tax Credit Hangover Ahead
The Standard & Poor's/Case-Shiller
U.S. National Home Price Index was up 4.4 percent in the second quarter of
2010, more than recovering from the 2.9 percent loss that was suffered in the first quarter, but
the index committee warned that recent housing indicators "point to more ominous
signals as tax incentives have ended and foreclosures continue."
On a month to month basis, the 10-city index improved 1.0 percent to 161.04 and the 20-city index rose 1.0 percent to 147.97.
[Image or graph removed from email. View full article with images]
The year over year 10-City and 20 City
Composite Indices for June marked the first time in 16 months that the increase
in annual returns moderated, pointing to a possible deceleration in home price
returns. In May the YoY increase in the 10-City
Composite was 5.4 percent, in June it was 5.0 percent. The 20-City figure dropped from a 4.6 percent
increase in May to 4.2 percent in June.
David M. Blitzer, Chairman of the Index Committee at Standard & Poor's
pointed out that current figures for the Composites cover June and the National
Index covers the 2nd quarter when the homebuyer's tax credit was winding down. "While the numbers are upbeat," he
said, "other more recent data on home sales and mortgages point to fewer
gains ahead." Nonetheless, he said the
housing market is in better shape than one year earlier.
National
home prices hit bottom in the first quarter of 2009 and since then have
appreciated by 6.8 percent. Prices have
now returned to 2003 levels.
[Image or graph removed from email. View full article with images]
Both Composites and 17 of the 20 cities in the National Index saw price
increases in June, but in 14 cities the increase was smaller than a month
earlier; only in Las Vegas did prices fall, down 0.6 percent while Phoenix and
Seattle prices were flat. The largest
increases were in Minneapolis and Detroit, both up 2.5 percent. This was slightly lower than the increase
experienced by Minneapolis in May, but a dramatic increase from the 0.8 percent
increase in Detroit in May.
[Image or graph removed from email. View full article with images]
Blitzer said that, while the indices have positive annual growth rates, and
no market is registering a double-digit decline, "the worry starts when
you remember that the Homebuyers' Tax Credit has expired, foreclosures are still
at high levels, and July data on home sales and starts were very, very
weak. The inventory of unsold homes and
months' supply data were particularly troubling. If this relatives weakness in demand
continues, it will likely filter through to home prices in coming months."
The S&P/Case-Shiller Indices are constructed to track the price path of
typical single-family homes located in each of the census regions or metropolitan
areas covered. Each index combines
matched price pairs for thousands of individual homes from the available universe
of arms-length sales data. The City composites are value weighted averages of
the ten or 20 metropolitan area indices.
The indices were given a base value of 100 in January 2000 so a current
value of 150 would indicate a 50 percent price increase for a typical home in
that area since that date.
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S&P/Case-Shiller: Home Prices Rise in June. Tax Credit Hangover Ahead
The Standard & Poor's/Case-Shiller
U.S. National Home Price Index was up 4.4 percent in the second quarter of
2010, more than recovering from the 2.9 percent loss that was suffered in the first quarter, but
the index committee warned that recent housing indicators "point to more ominous
signals as tax incentives have ended and foreclosures continue."
On a month to month basis, the 10-city index improved 1.0 percent to 161.04 and the 20-city index rose 1.0 percent to 147.97.
The year over year 10-City and 20 City
Composite Indices for June marked the first time in 16 months that the increase
in annual returns moderated, pointing to a possible deceleration in home price
returns. In May the YoY increase in the 10-City
Composite was 5.4 percent, in June it was 5.0 percent. The 20-City figure dropped from a 4.6 percent
increase in May to 4.2 percent in June.
David M. Blitzer, Chairman of the Index Committee at Standard & Poor's
pointed out that current figures for the Composites cover June and the National
Index covers the 2nd quarter when the homebuyer's tax credit was winding down. "While the numbers are upbeat," he
said, "other more recent data on home sales and mortgages point to fewer
gains ahead." Nonetheless, he said the
housing market is in better shape than one year earlier.
National
home prices hit bottom in the first quarter of 2009 and since then have
appreciated by 6.8 percent. Prices have
now returned to 2003 levels.
Both Composites and 17 of the 20 cities in the National Index saw price
increases in June, but in 14 cities the increase was smaller than a month
earlier; only in Las Vegas did prices fall, down 0.6 percent while Phoenix and
Seattle prices were flat. The largest
increases were in Minneapolis and Detroit, both up 2.5 percent. This was slightly lower than the increase
experienced by Minneapolis in May, but a dramatic increase from the 0.8 percent
increase in Detroit in May.
Blitzer said that, while the indices have positive annual growth rates, and
no market is registering a double-digit decline, "the worry starts when
you remember that the Homebuyers' Tax Credit has expired, foreclosures are still
at high levels, and July data on home sales and starts were very, very
weak. The inventory of unsold homes and
months' supply data were particularly troubling. If this relatives weakness in demand
continues, it will likely filter through to home prices in coming months."
The S&P/Case-Shiller Indices are constructed to track the price path of
typical single-family homes located in each of the census regions or metropolitan
areas covered. Each index combines
matched price pairs for thousands of individual homes from the available universe
of arms-length sales data. The City composites are value weighted averages of
the ten or 20 metropolitan area indices.
The indices were given a base value of 100 in January 2000 so a current
value of 150 would indicate a 50 percent price increase for a typical home in
that area since that date.
If you would like to opt-out of receiving email forwards from this person please click here to remove your email address.