Summary box: A glimpse inside the Standard & Poor’s/Case-Shiller home price index
By APTuesday, February 23, 2010
Summary box: The Case-Shiller home price index
WHAT’S THE NEWS?: Home prices edged up in December, according to the Standard & Poor’s/Case-Shiller 20-city home price index released Tuesday. It’s the seventh straight monthly gain for the closely-watched index. Analysts believe the trend is proof that the housing market is becoming more stable, though another small dip in prices could take place later this year.
WHERE’S IT HAPPENING?: Only five of 20 cities in the index showed declines from November to December. Los Angeles and Phoenix posted the largest price increases. Prices dipped in key markets like Miami, New York and Chicago. In Denver, prices rose for the 10th month in a row, while San Francisco saw its eighth monthly gain.
WHAT’S NEXT?: Obstacles that could derail the recovery include a drop in consumer confidence, high foreclosures and the end of two federal tax credits for homebuyers in April.
