The rate of decline in home prices has slowed, but the foreclosure problem is getting worse despite strengthened efforts to modify unaffordable loans, so any recovery in the housing market is still a ways off. That's the upshot from a pair of reports released on June 30.
In April the seasonally adjusted &&P/Case Shiller 20-City Composite Home Price Index fell by just 0.9% from the month before, making it the smallest monthly decline since August 2007. That's according to a BusinessWeek calculation using data from Standard & Poor's (MHP). The index in April fell 18.1% from a year earlier, down from an 18.7% year-over-year decline in March, as reported in the S&P press release. (S&P, like BusinessWeek, is a unit of the McGraw-Hill Cos.) The monthly changes ranged widely from declines of 3.7% in Las Vegas, 2.8% in Phoenix, and 1.9% in Miami, to increases of 0.7% each in Dallas and Denver.
Subscribe to:
Posts (Atom)
