Bloomberg News

Falling U.S. Property Values Surprise Case of Case-Shiller Index

March 27, 2012

While U.S. home prices fell at a slower pace in January, the housing market isn’t recovering as quickly as anticipated, according to Karl Case, co-creator of the S&P/Case-Shiller property-value indexes.

“I expected to see it coming back by now and it’s not,” Case, professor emeritus as Wellesley College in Wellesley, Massachusetts, said today in a radio interview on “Bloomberg Surveillance,” with Tom Keene and Ken Prewitt.

Home prices fell 3.8 percent from a year earlier in January after declining 4.1 percent in December, according to the S&P/Case-Shiller index of values in 20 cities. The latest figures, released today, matched the median forecast of 32 economists surveyed by Bloomberg News. Prices are more than 34 percent below their 2006 peak.

Values rose from December in Phoenix, Washington and Miami, and were down in all other survey places including New York, San Francisco and Atlanta, according to the index. There were no data available for Charlotte, North Carolina, due to delays in reporting, according to the release.

To contact the reporter on this story: Christine Harvey in New York at charvey32@bloomberg.net

To contact the editor responsible for this story: Rob Urban at robprag@bloomberg.net


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