From the Record:
Home prices declined 10.2 percent in the New York metropolitan area, which includes North Jersey, from February 2008 to February 2009, the Standard & Poor’s Case-Shiller index said this morning.
Home prices in 20 major cities fell 2.2% in February after a 2.8% decline in January, according to the Case-Shiller home price index released Tuesday by Standard & Poor’s.
Prices in 20 cities are down 18.6% in the past year, compared with a 19% drop in the 12 months ending in January. It was the first time in 16 months that the year-over-year decline in prices did not set a record.
“While the declines in residential real estate continued into February, we witnessed some deceleration in the rate of decline in some of the markets,” said David M. Blitzer, head of the S&P index committee.
From the AP:
Home prices dropped sharply in February, but for the first time in 25 months the decline was not a record, another sign the housing crisis could be bottoming.
The Standard & Poor’s/Case-Shiller index released Tuesday showed home prices in 20 major cities tumbled by 18.6 percent from February 2008. That was slightly better than January’s 19 percent and the first time since January 2007 the index didn’t set a record.
The 10-city index slid 18.8 percent, the first time in 16 months its decline was not a record.
But the good news was mixed. All 20 cities in the report showed monthly and annual price declines, but half recorded annual records. Prices fell by more than 10 percent in 15 cities, including Las Vegas, San Francisco and Phoenix. In fact, Phoenix home prices have lost more than half their value since peaking in July 2006.
Prices in the 20-city index have plunged 30.7 percent from their peak in the summer of 2006, and the 10-city index has lost more than 31.6 percent.
Home prices in 20 major U.S. metropolitan areas dropped in February at a slower pace, adding to evidence the market may be stabilizing.
The S&P/Case-Shiller index’s 18.6 percent decrease compares with a record 19 percent decline the month before. The gauge has fallen every month since January 2007, and year-over-year records began in 2001. For the first time since the measure started dropping in 2007, the 20-city index didn’t post a record year-over-year decline in February.
Economists forecast the index would drop 18.7 percent from a year earlier, according to the median of 27 projections in a Bloomberg News survey. Estimates ranged from declines of 17 percent to 19.2 percent.
Compared with a month earlier, home prices fell 2.2 percent in February, after a 2.8 percent decline in January, today’s report showed.