Investing.com – The S&P/Case-Shiller home price index fell less-than-expected in July, declining for the twelfth consecutive month, industry data showed on Tuesday.
In a report, Standard & Poor with Case-Shiller said its house price index fell by 4.5% in June, better than expectations for a 4.7% decline.
The previous month’s figure was revised to a drop of 4.6% from a previously reported decline of 4.5%.
The report showed that U.S. home prices rose 1.1% in June from May, building on the previous month-to-month gain.
The report showed that U.S. home prices declined 5.9% in the second quarter of 2011, compared to a drop of a revised drop of 4.9% in the preceding quarter.
Nationally, home prices are back to their early 2003 levels.
Commenting on the report, David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s said, “This month’s report showed mixed signals for recovery in home prices. No cities made new lows in June 2011, and the majority of cities are seeing improved annual rates.”
“Looking across the cities, eight bottomed in 2009 and have remained above their lows. These shifts suggest that we are back to regional housing markets, rather than a national housing market where everything rose and fell together.” Mr. Blitzer added.
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD slumping 0.6% to trade at 1.4425.
Meanwhile, U.S. stock index futures were largely unchanged after the release of the data. The Dow Jones Industrial Average futures indicated a decline of 0.6%, S&P 500 futures edged 0.65% lower, while the Nasdaq 100 futures retreated 0.6%.
In a report, Standard & Poor with Case-Shiller said its house price index fell by 4.5% in June, better than expectations for a 4.7% decline.
The previous month’s figure was revised to a drop of 4.6% from a previously reported decline of 4.5%.
The report showed that U.S. home prices rose 1.1% in June from May, building on the previous month-to-month gain.
The report showed that U.S. home prices declined 5.9% in the second quarter of 2011, compared to a drop of a revised drop of 4.9% in the preceding quarter.
Nationally, home prices are back to their early 2003 levels.
Commenting on the report, David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s said, “This month’s report showed mixed signals for recovery in home prices. No cities made new lows in June 2011, and the majority of cities are seeing improved annual rates.”
“Looking across the cities, eight bottomed in 2009 and have remained above their lows. These shifts suggest that we are back to regional housing markets, rather than a national housing market where everything rose and fell together.” Mr. Blitzer added.
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD slumping 0.6% to trade at 1.4425.
Meanwhile, U.S. stock index futures were largely unchanged after the release of the data. The Dow Jones Industrial Average futures indicated a decline of 0.6%, S&P 500 futures edged 0.65% lower, while the Nasdaq 100 futures retreated 0.6%.