Today the S&P/Case-Shiller Home Price Indices report was released which showed that, although still negative, the annual rate of decline of the 10-City and 20-City Composites improved for the fourth consecutive month in 2009.
The 10-City and 20-City Composites declined 16.8% and 17.1%, respectively, in May compared to the same month last year. These values are improvements over April’s data, which showed annual declines of 18.0% and 18.1% respectively. After 16 consecutive months of record annual declines, beginning in October 2007 and ending in January 2009, the indices have now shown four consecutive months of improvement in annual returns.
“The pace of descent in home price value appears to be slowing” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s. “To put it in perspective, this is the first time we have seen broad increases in home prices in 34 months. This could be an indication that home price declines are finally stabilizing,” he added.
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