Data released by the Standard & Poor's (S&P)/Case-Shiller Home Price Indices showed that all three of its composites ended 2011 at their lowest levels since mid-2006.
The national composite fell by 3.8% during the fourth quarter of 2011 and was down 4% versus the fourth quarter of 2010. Both the 10- and 20-city composites fell by 1.1% in December over November, and posted annual returns of -3.9% and -4% versus December 2010, respectively. These are worse than the -3.8% respective annual rates both reported for November, according to S&P.
In addition to both composites, 18 of the 20 metropolitan statistical areas measured by the indices saw monthly declines in December over November. Atlanta, Las Vegas, Seattle and Tampa each saw their average home prices hit new lows.
‘In terms of prices, the housing market ended 2011 on a very disappointing note,’ says David M. Blitzer, chairman of the index committee at S&P Indices. ‘With this month's report we saw all three composite hit new record lows. While we thought we saw some signs of stabilization in the middle of 2011, it appears that neither the economy nor consumer confidence was strong enough to move the market in a positive direction as the year ended. After a prior three years of accelerated decline, the past two years has been a story of a housing market that is bottoming out but has not yet stabilized.’