The latest Case-Shiller Report released today shows that U.S. home prices
fell in December from the previous month, and according to the report, 2011
ended at the lowest levels since the onset of the housing crisis in
mid-2006.
Chairman of S&P's index committee David Blitzer said, "While we thought we
saw some signs of stabilization in the middle of 2011, it appears that
neither the economy nor consumer confidence was strong enough to move the
market in a positive direction as the year ended."
The national housing market remains somewhat sluggish, although there are
still some positives. According to the National Association of REALTORS
report released just last week, sales of previously owned homes rose in
January to the highest level in nearly two years, and available housing
inventory was right in line with what would be considered a healthy market
by economists.
NOTE: Case Shiller indices are calculated monthly by Fiserv, Inc. (the company that owns and maintains the index) and is published with a two month lag on the last Tuesday of every month.