Housing Prices Continue Decline in February, But Show Signs of Improvement
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Prices of single-family homes fell for the 12-months ended in February, according to new data from S&P/Case-Shiller on Tuesday.
The firm's Home Price Index declined nearly 3.5 percent from 135.23 in January to 134.20 in February, the smallest 12-month drop since February 2011. Economists were looking for a drop of 3.4 percent. Prices slipped 3.9 percent for the 12-months ended January.
Slowing price drops, coupled with almost record-low interest rates and continued hiring, should help to stabilize prices even further and clear up the foreclosure pipeline.
Case-Shiller takes its numbers from a three-month average.
After adjusting for seasonality, prices rose 0.2 percent from January while unadjusted prices fell 0.8 from January.
In total, 15 of 20 cities showed a decline from last year, with Phoenix having the biggest increase at 3.3 percent.
Homebuilding stocks are catching a bid Tuesday following the data. The SPDR S&P Homebuilders ETF (NYSE: XHB) is up 2 percent at last check.
The firm's Home Price Index declined nearly 3.5 percent from 135.23 in January to 134.20 in February, the smallest 12-month drop since February 2011. Economists were looking for a drop of 3.4 percent. Prices slipped 3.9 percent for the 12-months ended January.
Slowing price drops, coupled with almost record-low interest rates and continued hiring, should help to stabilize prices even further and clear up the foreclosure pipeline.
Case-Shiller takes its numbers from a three-month average.
After adjusting for seasonality, prices rose 0.2 percent from January while unadjusted prices fell 0.8 from January.
In total, 15 of 20 cities showed a decline from last year, with Phoenix having the biggest increase at 3.3 percent.
Homebuilding stocks are catching a bid Tuesday following the data. The SPDR S&P Homebuilders ETF (NYSE: XHB) is up 2 percent at last check.
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