- S&P case-Shiller index showed home prices fell at an annual rate of 15.4% in June compared to a revised 17% in May.
- Economist had expected prices to fall 16.4% compared to the same month a year ago.
- U.S. national home price index fell at an annual rate of 14.9% in Q2 compared to a record 19.1% decline in Q1.
- On a sequential basis, National home price index was up 2.9% in Q2 compared to the previous quarter.
"This is the first time we have seen a positive quarter-over-quarter print in three years.” – David M. Blitzer (Chairman of the Index Committeeat S&P)
- Report also showed that both the 10-city and 20-city composite indexes posted monthly increases, with both increasing by 1.4% in June compared to May.
"As seen in both seasonally adjusted and unadjusted data, as well as the charts, there are hints of an upward turn from a bottom. However, some of the hardest hit cities, especially in the Sun Belt, show continued weakness." – Blitzer said
- 18 of the 20 metro areas saw improvement in their annual returns in June, although 15 out of the 20 metro areas continued to report double-digit annual declines.
"The question looking out the next few quarters is what the influence will be from a catch up in home prices to the downside in the prime area and the end to foreclosure moratoriums at many banks." – Peter Boockvar (Equity Strategies for Miller Tabak)
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