The majority of the metropolitan statistical areas surveyed by Standard & Poor’s for the S&P/Case-Shiller Home Price Indices reported declines from July 2010, suggesting buyers remain wary in a market riddled with negative economic news and foreclosures. The 20-city composite index dropped 4.1% over last year while the 10-city composite index fell 3.7% on an annual basis. Still, declines were less than the median forecast of 28 economists surveyed by Bloomberg News, which projected a 4.4% decline. The S&P/Case-Shiller Index said its 10 – and 20-city composite indexes increased in July over June, making it the fourth consecutive month-over-month jump in home prices. Still, values were little changed in July from June after seasonal adjustments. The only two markets to see positive rates of change in the 20-city composite over last year were Detroit and Washington D.C., which rose 1.2% and 0.3%, respectively. The other 18 statistical areas surveyed by S&P experienced year-over-year declines. Minneapolis continued to fare the worst with its home price rate down 9.1% from last year. S&P said home prices retreated significantly enough in July to reach 2003 levels. Month-over-month, several markets experienced some price improvements. That list includes Boston, Charlotte, Chicago, Cleveland, Dallas, Denver, Detroit, Las Vegas, Miami, Minneapolis, Phoenix, Portland, Tampa, and Washington D.C. Write to Kerri Panchuk.
Home prices decline 4.1% over year ago: Case-Shiller
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