The Case-Shiller Index is out with data through the month of June 2011. While the data has expected shown some improvement in Q2 vs. Q1 in 2011, compared to last year at this time, every metro studied is down in home prices. Minneapolis continues to lead the way with prices down 10.8% compared to last year.
(Click on image to enlarge).
Source: S&P Case-Shiller Home Price Index – June 2011 data
It’s interesting that Minneapolis continues to lead the county in price declines. Provided the economy doesn’t crash, I would expect to see slower price declines in 2012 and then hopefully, finally, a slow turn to the positive in 2013.
For more interpretation, analysis and spin, see the following stories from the Associated Press, Calculated Risk, CNN Money, Bloomberg, New York Times, Housing Wire, and Zero Hedge. (As of the time I’m publishing this post at 8:50am central time, I have not seen a release from the National Association of Realtors).
- Case-Shiller Index: Minneapolis Home Prices Decline 11.7% Year over Year – Now at 2000 Price Levels (johnmurphyreports.com)
- Robert Shiller of Yale and Case-Shiller Index – Future Housing Prices Difficult to Predict (johnmurphyreports.com)
- Here Comes Case-Shiller… (businessinsider.com)