Despite the U.S. economy's exiting the latest recession in June 2009, home prices in a majority of U.S. cities reached new lows in December as prices across the country continue to decline, according to the S&P/Case-Shiller home-price index.
Relying on data through December, the index shows home value dropped 3.9% further during the fourth quarter; since the fourth quarter of 2009, prices have fallen 4.1%, which is the lowest annual growth rate since the third quarter of 2009, when prices were falling at an 8.6% annual rate. In December, the 10- and 20-City Composites posted annual rates of decline of 1.2% and 2.4%, respectively.
"We ended 2010 with a weak report," said David M. Blitzer, chairman of the Index Committee at Standard & Poor's. "The National Index is down 4.1% from the fourth quarter of 2009 and 18 of 20 cities are down over the last 12 months. Both monthly Composites and the National Index are moving closer to their 2009 troughs. The National Index is within a percentage point of the low it set in the first quarter of 2009. Despite improvements in the overall economy, housing continues to drift lower and weaker."
