Today the S&P/Case-Shiller Index report for December was released and supports last months report saying a double-dip in home prices was headed our way. The report shows home prices declined by 3.9 percent during the fourth quarter of 2010.
The home price index for the fourth quarter of 2010 was down 4.1 percent versus the fourth quarter of 2009, which is the lowest annual growth rate since the third quarter of 2009, when prices were falling at an 8.6 percent annual rate. Home prices decreased in 18 or the 20 metro areas covered by the report from their levels a year before.
“We ended 2010 with a weak report. The National Index is down 4.1% from the fourth quarter of 2009 and 18 of 20 cities are down over the last 12 months. Both monthly Composites and the National Index are moving closer to their 2009 troughs. The National Index is within a percentage point of the low it set in the first quarter of 2009. Despite improvements in the overall economy, housing continues to drift lower and weaker,” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s.