S&P/CaseShiller Says Home Prices Fell Nearly 4% in April
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The S&P/CaseShiller Home Price Index for the month of April fell 3.96 percent from the same month last year to 138.84. The decline marked the sharpest drop in almost a year and a half.
The Index, which tracks property values in 20 cities around the US, was down from a revised 137.93 in March.
Month-over-month, the reading fell just 0.09 percent.
Economists had been expecting the Index to fall about 0.2 percent from March and 3.95 percent from April of 2010.
Washington D.C. continues to be the only metropolitan area to post a year-over-year gain at 4%. Washington's month over month gain in April lead the pack at 3%, however thirteen other markets saw gains in the April over March period.
Minneapolis was the only city that demonstrated a double-digit annual decline, down 11.1%. Phoenix and Atlanta are two markets that are close to
losing any value gained since January 2000. Cleveland, Detroit and Las Vegas already have values below January 2000.
Detroit saw the worse month-over-month decline in April at 2.9%. Home price are down 7.5% over the last year in the hard-hit manufacturing city.
The SPDR S&P Homebuilders ETF (NYSE: XHB) just opened Tuesday's session up about 0.5 percent.
The broader stock market also opened higher: the Dow Jones is up 35, the Nasdaq is up 4 and the S&P 500 is up about 3.5.
The Index, which tracks property values in 20 cities around the US, was down from a revised 137.93 in March.
Month-over-month, the reading fell just 0.09 percent.
Economists had been expecting the Index to fall about 0.2 percent from March and 3.95 percent from April of 2010.
Washington D.C. continues to be the only metropolitan area to post a year-over-year gain at 4%. Washington's month over month gain in April lead the pack at 3%, however thirteen other markets saw gains in the April over March period.
Minneapolis was the only city that demonstrated a double-digit annual decline, down 11.1%. Phoenix and Atlanta are two markets that are close to
losing any value gained since January 2000. Cleveland, Detroit and Las Vegas already have values below January 2000.
Detroit saw the worse month-over-month decline in April at 2.9%. Home price are down 7.5% over the last year in the hard-hit manufacturing city.
The SPDR S&P Homebuilders ETF (NYSE: XHB) just opened Tuesday's session up about 0.5 percent.
The broader stock market also opened higher: the Dow Jones is up 35, the Nasdaq is up 4 and the S&P 500 is up about 3.5.
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