US housing values dive

The S&P/Case-Shiller House Price Index is still reporting gloomy numbers tracked back in late 2011

This measure of shifts in housing prices across 20 US metropolitan regions fell by 0.7% seasonally adjusted in November. Paterson Securities says this is slightly worse than market expectations of -0.5%, but near the 0.67% decline reported in October.

“Remember that the Case-Shiller index is premised on three-month average shifts, so the November number is also impacted by September and October data. The resultant November-on-November decrement was -3.67%, a slight slippage on the 3.42% annual decline reported in October.

“Eighteen of the 20 cities making up the headline index number endured November-on-November falls, headed by material drops in both Atlanta and Las Vegas (-11.8% and -9.1% respectively). The best performed city was Detroit (+3.8%), while the other gainer on an annual basis was Washington (+0.5%).”

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