Broadbased, Record Declines in Home Prices in October According to the S&P/Case-Shiller(R) Home Price Indices

Dec 26, 2007, 00:00 ET from Standard & Poor's

    NEW YORK, Dec. 26 /PRNewswire/ -- Data through October 2007, released
 today by Standard & Poor's for its S&P/Case-Shiller(R) Home Price Indices,
 the leading measure of U.S. home prices, show broadbased declines in the
 prices of existing single family homes across the United States, marking
 the 10th consecutive month of negative annual returns and the 23rd
 consecutive month of decelerating returns.
     The 10-City Composite's annual decline of 6.7% is a record low. The
 previous largest decline on record was 6.3% recorded in April 1991. In
 October, the 20-City Composite recorded an annual decline of 6.1%.
     "No matter how you look at these data, it is obvious that the current
 state of the single-family housing market remains grim," says Robert J.
 Shiller, Chief Economist at MacroMarkets LLC. "Not only did the 10-City
 Composite post a record low in its annual growth rate, but 11 of the 20
 metro areas did the same. If you look at the monthly figures, every MSA
 went down in both October and September. Eleven of the 20 MSAs, in addition
 to the two composites, recorded their single largest monthly decline on
 record in October. For both the 10-City and 20-City composites this was a
 decline of 1.4% over September"
     Miami surpassed Tampa in October, reporting a double-digit annual
 decline of 12.4%. Tampa followed with -11.8%, Detroit with -11.2% and San
 Diego with - 11.1%. Six of the metro areas are now posting double digit
 declines in their annual growth rates. Atlanta and Dallas finally entered
 negative territory, with declines of 0.7% and 0.1%, respectively, leaving
 only Charlotte, Portland and Seattle as the MSAs still experiencing
 positive annual growth rates.
     The table below summarizes the results for October 2007. The S&P/Case-
 Shiller(R) Home Price Indices are revised for the 24 prior months, based on
 the receipt of additional source data. More than 20 years of history for
 these data series is available, and can be accessed in full by going to
October/ September/ October 2007 September August 1-Year Metropolitan Area Level Change(%) Change(%) Change(%) Atlanta 133.79 -1.3% -0.7% -0.7% Boston 169.34 -0.8% -0.1% -3.6% Charlotte 133.98 -0.9% -0.6% 4.3% Chicago 163.12 -0.8% -0.8% -3.2% Cleveland 115.93 -1.2% -0.9% -4.5% Dallas 124.44 -0.8% -0.7% -0.1% Denver 136.08 -1.7% -0.9% -1.8% Detroit 108.15 -2.4% -0.7% -11.2% Las Vegas 208.68 -2.2% -1.5% -10.7% Los Angeles 249.50 -2.1% -1.3% -8.8% Miami 244.35 -2.1% -2.2% -12.4% Minneapolis 161.24 -1.4% -0.4% -5.5% New York 205.48 -0.4% -0.3% -4.1% Phoenix 200.72 -2.2% -1.7% -10.6% Portland 185.10 -0.3% -0.2% 1.9% San Diego 217.02 -2.6% -1.7% -11.1% San Francisco 202.03 -2.1% -0.8% -6.2% Seattle 189.86 -0.9% -0.2% 3.3% Tampa 206.38 -1.8% -1.3% -11.8% Washington 226.71 -1.1% -0.4% -7.0% Composite-10 209.68 -1.4% -0.9% -6.7% Composite-20 192.89 -1.4% -0.8% -6.1% Source: Standard & Poor's Data through October 2007 The S&P/Case-Shiller(R) Home Price Indices are published on the last Tuesday of each month at 9:00 am ET. They are constructed to accurately track the price path of typical single-family homes located in each metropolitan area provided. Each index combines matched price pairs for thousands of individual houses from the available universe of arms-length sales data. The S&P/Case-Shiller(R) National U.S. Home Price Index tracks the value of single- family housing within the United States. The index is a composite of single- family home price indices for the nine U.S. Census divisions and is calculated quarterly. The S&P/Case-Shiller(R) Composite of 10 Home Price Index is a value-weighted average of the 10 original metro area indices. The S&P/Case- Shiller(R) Composite of 20 Home Price Index is a value-weighted average of the 20 metro area indices. The indices have a base value of 100 in January 2000; thus, for example, a current index value of 150 translates to a 50% appreciation rate since January 2000 for a typical home located within the subject market. These indices are generated and published under agreements between Standard & Poor's, Fiserv and MacroMarkets LLC. MacroMarkets LLC possesses exclusive license and sublicensing rights to the S&P/Case-Shiller(R) Home Price Indices for the purposes of developing, structuring and trading financial products. About Standard & Poor's Standard & Poor's, a division of The McGraw-Hill Companies (NYSE: MHP), is the world's foremost provider of financial market intelligence, including independent credit ratings, indices, risk evaluation, investment research and data. With approximately 8,500 employees, including wholly owned affiliates, located in 21 countries, Standard & Poor's is an essential part of the world's financial infrastructure and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions. For more information, visit

SOURCE Standard & Poor's