S&P Case-Shiller Index Records Widespread Declines in Home Prices
Home prices across the country slipped in August, according to data released by Standard & Poor's Tuesday.
The data showed a 0.1 percent drop in the composite reading of 10 cities tracked, while the 20-city composite posted a 0.2 percent decline between July and August.
Home prices decreased in 15 of the survey's 20 metropolitan statistical areas on a month-to-month basis. Only Chicago, Detroit, Las Vegas, New York, and Washington D.C. posted marginal improvements in home prices over July.
The S&P/Case-Shiller 10-city composite remains up 2.6 percent from August 2009 levels. The 20-city composite is 1.7 percent above a year earlier.
A separate report released Tuesday by the Federal Housing Finance Agency (FHFA) showed that home prices rose 0.4 percent from July to August. The FHFA monthly index is calculated using purchase prices of houses backing mortgages that have been sold to or guaranteed by Fannie Mae or Freddie Mac.
According to DSNews.com, the analysts at Capital Economics say the disparity in the two reports may suggest any fall in home prices is temporary, reflecting the plunge in homes sales during the summer months.
As of August 2010, S&P says average home prices across the United States are back to the levels they were at in late 2003 and early 2004.
More on this.... dc prices rise
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