From Standard and Poor’s:
January data released today by Standard & Poor’s for its S&P/Case-Shiller® Home Price Indices, the leading measure of U.S. home prices in the United States, shows home price composites pummeting into negative terrain.
The price of homes in 20 U.S. metropolitan areas fell in January for the first time in at least six years, a private survey showed today.
Home values dropped 0.2 percent last month from January 2006, according to the S&P/Case-Shiller home-price index. The decrease was the first since the group started keeping year- over-year records in January 2001.
The numbers follow a report yesterday that showed new-home sales at the lowest level in almost seven years as builders struggled with a glut of unsold dwellings. Falling prices make it harder for owners to borrow against home equity and may make lenders even more wary as delinquencies climb.
Today’s data “are a good indicator of the dire state of the U.S. residential real estate market,” said Robert Shiller, chief economist at MacroMarkets LLC and a professor at Yale University.
The prices of existing U.S. single-family houses extended their slide in most regions in January, according to an index of major metropolitan areas.
The composite month-over-month Standard & Poor’s/Case-Shiller Home Price Index of 10 metropolitan areas declined 0.6 percent to 220.90, or a 0.7 percent year-over-year loss, S&P said on its Web site.
The composite month-over-month Standard & Poor’s/Case-Shiller Home Price Index of 20 metropolitan areas showed a 0.6 percent drop in January, to a 202.03 reading, or a 0.2 percent percent year-over-year loss.
From Standard & Poors:
Home Price History (XLS)