Case-Shiller Home Price Indices close to 2009 low

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The latest Case-Shiller Home Price Indices have just been released and don’t paint a particularly rosy picture. The seasonally-adjusted 20-City Composite Index fell by 0.2% in February, the eighth consecutive monthly decline, taking it close to the low seen in April 2009 and raising the prospect of a double-dip housing recession.

Source: Northern Trust – Daily Economic Commentary, April 26, 2011.

In the video clip below, David Blitzer, Chairman of Standard & Poor’s Index Committee, provides his take on the numbers.

He said: “We still are working through the mountain of foreclosures, but getting rid of more of them than we’re adding in, and we’ve been at this level in terms of home sales, home construction, new home sales for quite a while. I think looking forward one would conclude a lot of Americans don’t really want to own a house. They don’t see it as a good long-term investment.”

Source: CNBC, April 26, 2011.

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