Venga venga, que viene la segunda oleada. Esto coincide con los comentarios de Meredith Whitney acerca de que los bancos americanos se enfrentaran pronto a nuevos problemas derivados de la porqueria inmobiliaria que tienen en sus balances... By Greg Robb, MarketWatch
WASHINGTON (MarketWatch) — U.S. home prices fell in September, and the annual rate of appreciation has slowed for the fourth consecutive month, according to closely followed data released Tuesday.
Home prices fell 0.7% in September compared with August in 20 major U.S. cities, according to the Case-Shiller home price index released Tuesday by Standard & Poor’s.
Prices have moved up 0.6% in the past year, down from 1.7% in August. Read the complete report.
U.S. home prices fall 0.7% in September
Prices fell in 18 of the 20 metropolitan areas tracked by Case-Shiller in September compared with August. This is worse than August when 15 metropolitan areas were down.
The S&P/Case-Shiller index is based on a three-month moving average of home prices. So the September data reflects price data for July, August and September. This makes the index less volatile than other government housing price data.
The only two areas which were not down in September were already hard-hit Las Vegas and Washington D.C., which has benefited from an increase in government spending.
U.S. stocks (SPX 1,187, -1.23, -0.10%) opened lower after the report, though they also have been impacted by the ongoing turmoil in European bond markets. The Dow Jones Industrial Average (DJIA 11,062, +9.39, +0.09%) was recently down 59 points at 10,992.
David Blitzer, chairman of the index committee at Standard & Poor’s, called the report “weak.”
While some of the price declines may reflect the end of the government’s tax credit in April, there are other problems weighing on the housing market, Blitzer said.
The sputtering economy is the biggest issue, he said. In addition, there is a large supply of houses on the market and further “****** supply” due to delinquent mortgages, pending foreclosures, or vacant homes, Blitzer said.
Home prices will likely decline further going into the next year, said Yelena Shulyatyeva, an economist with BNP Paribas, in a note to clients.
While housing demand appears to be stabilizing at low levels, housing supply remains excessive, weighing on housing prices, Shulyatyeva said.
Here’s a list of the 20 cities in the Case-Shiller index, with percentage changes over the past year:
San Francisco, up 5.5%; San Diego, up 5.0%; Washington, up 4.5%; Los Angeles, up 4.4%; Boston, up 0.4%; New York, down 0.1%; Minneapolis, down 1.2%; Denver, down 1.6%; Phoenix, down 1.9%; Cleveland, down 1.9%; Dallas, down 2.6%; Seattle, down 2.6%; Miami, down 2.7%; Detroit, down 3.0%; Atlanta, down 3.1%; Las Vegas, down 3.5%; Portland, down 3.6%; Charlotte, down 3.7%; Tampa, down 4.3%; and Chicago, down 5.6%.
Greg Robb is a senior reporter for MarketWatch in Washington.