House prices declined at a 2.8% annual rate in May, according to the Standard & Poor's/Case-Shiller national housing index, which included some positive news for the first time since prices starting dropping 18 months ago."At the national level, declines in annual home prices are showing no signs of a slowdown or turnaround," said Robert Shiller, chief economist at MacroMarkets LLC. Nevertheless, prices in eight of the 20 metropolitan areas surveyed showed positive monthly growth rates, compared with only one or two in the late winter and early spring. "We need a few more months of data, however, to determine if this is the beginning of a national turnaround, since the national trend is still at a sharp deceleration," Mr. Shiller said. The S&P/CS HPI declined at a 2.1% annual rate in April. S&P can be found online at http://www.standardandpoors.com.
Case-Shiller HPI Brings Some Positive News
Published July 31, 2007, 2:00 p.m. EDT
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