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U.S. House Prices Continue to Move Around Cycle Low

Housing-Market / US Housing Feb 23, 2011 - 03:34 AM GMT

By: Asha_Bangalore

Housing-Market

The seasonally adjusted Case-Shiller Home Price Index fell 2.1% in the fourth quarter following a 3.3% decline in the prior quarter.  The level of the index is close to the bottom registered in the first quarter of 2009 (see Chart 1).  Price gains from the first-time home buyer program were only a temporary lift. 



 
From a year ago, the Case-Shiller Home Price Index is down 4.1%, which is the largest drop since the fourth quarter of 2009.  With the exception of San Diego and Washington D.C., the remaining 18 metro areas posted year-to-year declines in December.  Eleven metro areas posted new index level lows - Atlanta, Charlotte, Chicago, Detroit, Las Vegas, Miami, New York, Phoenix, Portland (OR), Seattle, and Tampa. 


Declining home prices are troubling because they set forth a vicious cycle of foreclosures, destruction of neighborhoods, a reduction in home building activity and employment tied to housing, a reduction in net worth of households and so on.  An additional setback to the current fragile self-sustained pickup in economic activity should be avoided. 

Asha Bangalore — Senior Vice President and Economist

http://www.northerntrust.com

Asha Bangalore is Vice President and Economist at The Northern Trust Company, Chicago. Prior to joining the bank in 1994, she was Consultant to savings and loan institutions and commercial banks at Financial & Economic Strategies Corporation, Chicago.

Copyright © 2011 Asha Bangalore

The opinions expressed herein are those of the author and do not necessarily represent the views of The Northern Trust Company. The Northern Trust Company does not warrant the accuracy or completeness of information contained herein, such information is subject to change and is not intended to influence your investment decisions.


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