Tuesday, May 26, 2009

U.S.Home Prices Return to 2002 Level (Chart)

Home prices continued on their record decline.

The S&P/Case-Shiller U.S. National Home Price Index which covers the United States, 
  • recorded a 19.1% decline in the first quarter of 2009 versus the first quarter of 2008. 
  • This was the largest decline in the 21-year history of tracking this series.
  • The 10-City and 20-City Composites recorded annual declines of 18.6% and 18.7%, respectively.
The chart below shows the index levels for the U.S. National Home Price Index, as well as its annual returns. As of March 2009, average home prices across the United States are at similar levels to what they were in the fourth quarter of 2002. From the peak in the second quarter of 2006, average home prices are down 32.2%.

Source: S&P/Case-Shiller Home Price Indices
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