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

    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
 www.homeprice.standardandpoors.com
 
 

 
                                           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
 http://www.standardandpoors.com.
 
 
 

SOURCE Standard & Poor's