Home prices improve in January
The annual rate of home-price decline improved in January in the 10-City and 20-City Composites tracked as one of the S&P/Case-Shiller Home Price Indices released yesterday. The 10-City Composite remained unchanged in January compared with a year ago, and the 20-City Composite declined 0.7 percent compared with January 2009. All 20 metro areas and both composites showed an improvement in the annual rates of decline in January compared with December.

As of January 2010, home prices nationwide averaged levels similar to those of autumn of 2003. From the peak in June/July of 2006 through the trough in April 2009, the 10-City Composite declined 33.5 percent and the 20-City Composite 32.6 percent. The peak-to-date figures through January 2010 indicate declines of 30.2 percent and 29.6 percent, respectively.

Los Angeles and San Diego showed slight improvements in actual index levels from the previous month to the current month. All other metros and the two composites showed a slight decline from their December 2009 levels.

“The report is mixed. While we continue to see improvements in the year-over-year data for all 20 cities, the rebound in housing prices seen last fall is fading,” said David M. Blitzer, chairman of the Index Committee at Standard & Poor’s. “Fewer cities experienced month-to-month gains in January than in December 2009, on both a seasonally adjusted and unadjusted basis. On a brighter note, San Francisco ? [is] 12.9 percent above [its] trough value.”