Even while Los Angeles home sale prices rose, no one seems happy about today's release of the latest monthly Case-Shiller index numbers, which rose nationwide in October, but at slower pace as seen over the summer. CNNMoney's take on the numbers, which tracks home sale prices in 20 metropolitan areas: "The turnaround in home prices seen in the spring and summer has faded," said David Blitzer, chairman of the Index Committee at Standard & Poor's, in a statement. "Coming after a series of solid gains, these data are likely to spark worries that home prices are about to take a second dip," he said."
Via the New York Times: "It was the fifth consecutive month that prices were up, but the rate of increase has dropped sharply from the impressive gains of the summer." And closer to home: "In the last three months, prices in San Francisco increased at an annual rate of 25 percent while Minneapolis was up 17 percent and Los Angeles rose 11 percent. Phoenix, long a laggard, rose 13 percent." Meanwhile, Las Vegas looks to be in serious trouble. Via the Los Angeles Times: "Las Vegas remained the one market that has shown no sign of improvement so far this year, according to the data. Prices there have declined for 38 consecutive months, with a peak-to-trough decline of 55.4%." Earlier this year, head of Case-Shiller Index predicted that home prices would essentially remain flat for the next five years,
· Bad news for housing: Prices flattening [CNN]
· Slight Rise in Home Prices Masks Signs of Weakness [NYT]
· Home prices are flat for a second month in a row [LA Times]