Real Time Economics Economic insight and analysis from The Wall Street Journal. Secondary Sources: CPI Lies, Trichet v. Sarkozy, Fed GraphicEquipment Demand May Be Standing StrongSeptember 25, 2007, 9:33 AM ET.Home Prices Tumble, Case-Shiller Index Reports .Article Comments (63) Real Time Economics HOME PAGE ».
Standard & Poor’s S&P/Case-Shiller home price index fell in July as 15 of 20 major metropolitan areas saw a decline in annual growth rate.
The 10-city composite index fell 4.5% in July from a year earlier, while the 20-city composite index was down 3.9%.
S&P said further deceleration of prices is still apparent across the majority of regions.
“The decline in home prices clearly continued into the summer months,” says Robert J. Shiller, Chief Economist at MacroMarkets LLC. “The year-over-year decline reported for the 10-City Composite is the lowest since July 1991. The lowest annual decline in this Index, which dates back to January 1987, was -6.3%, which was reported in April 1991. The further deceleration in prices is still apparent across the majority of regions.”
The largest declines over the past year were in Detroit, Tampa and San Diego, while Seattle and Charlotte had the largest increases. –Nicholas Hatcher