Case Shiller Home Price Index - FX Solutions Report

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by: fxsolutions
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Date: Wed, 12 Oct 2011 Time: 1:40 AM
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Joseph Trevisani, Chief Market Analyst at leading forex trading broker FX Solutions (http://www.fxsolutions.com/), provides an overview of the Case Shiller Home Price Index on 27th September.

"Home prices in the United States continued their slow descent as the Case Shiller Index of yearly changes in house prices fell for the tenth month in a row.

The popular measure of property values fell 4.11% in July from a year earlier after a revised 4.4% decline in June. Economists had predicted a 4.4% drop. The seasonally adjusted monthly change was 0.05%, barely altered from June.

Analysts speculated that the slowdown in foreclosures as various government agencies investigate bank practices, may have led to many properties ready for repossession and sale being kept from the market. The resulting rundown in available properties may have artificially stabilized price in recent months. When these homes reach the market, as they inevitably will, home prices may resume their slide as many more houses are offered at fire sale prices by banks eager to reduce their inventory.

Eighteen of twenty cities in the index showed price declines for the year. The largest was 9.1% in Minneapolis, followed by Phoenix at -8.85%, Portland at -8.45% and Chicago at -6.65%. . Only Detroit and Washing ton DC had price increases, 1.2% and 0.3% respectively."

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