The February 2012 S&P Case Shiller home price index shows a -3.5% decline from a year ago over 20 metropolitan housing markets and a -3.6% decline for the top 10 housing markets from February 2011. Home prices are back to November 2002 levels for the composite-20 and April 2003 for the composite-10 and are new lows, not seasonally adjusted.
The March 2012 Residential construction report showed Housing starts decreased, -5.8%, from February's revised 694,000, to a level of 654,000. Housing starts have increased 10.3% from a year ago. Single family housing starts declined -0.2%. The -5.8% drop was due to apartments, 5 units or more of one building structure, which decreased -19.8% in one month.
The S&P Case Shiller home price index shows a -3.8% decline from a year ago over 20 metropolitan housing markets and a -3.9% decline for the top 10 housing markets from January 2011. Home prices are back to January 2003 levels and both composite indices hit, yet again, new lows.
Lender Processing Services has released their January 2012 mortgage statistics. Foreclosure starts increased 27.9% and foreclosure sales surged 29% in January 2012. We predicted foreclosures would massively increase due to the 50 state mortgage fraud settlement.
The S&P Case Shiller home price index shows a -4.0% decline from a year ago over 20 metropolitan housing markets and a -3.9% decline for the top 10 housing markets from December 2010. Home prices are back to early 2003 levels and new index lows. S&P itself has woken up and realized home prices have not yet reached a bottom.
In January, New Residential Single Family Home Sales decreased by -0.9%, or 321,000 annualized sales. This report has a ±16.6% monthly margin of error. December single family home sales were significantly revised, from 307,0000 to 324,000 new homes, a +5.4% revision.
The January 2012 Residential construction report showed Housing starts increased 1.5% from December's revised 689,000, to a level of 699,000. December housing starts were revised significantly, from 657,000 to 689,000. January 2012 is now 9.9% above January 2011's 636,000 housing starts. Housing starts increase was due to apartments, 5 units or more of one building structure, which increased 14.4% in one month.
The S&P Case Shiller home price index shows a -3.7% decline from a year ago over 20 metropolitan housing markets and a -3.6% decline for the top 10 housing markets from November 2010. Home prices are back to early 2003 levels. S&P on the continued falling home prices:
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