Case-Shiller: U.S. home-price declines slowing
The S&P/Case-Shiller home price index, which compares sales of single-family homes with their previous sale price, was down 17% in May from a year ago.
Since January, the index has stopped declining at a record-breaking pace each month, so S&P officials say four months of slowing declines could signal some stabilization. They warn, however, that "we likely have a way to go before we see sustained price appreciation."
In the Los Angeles area, prices are down 20% from a year ago and 42% from the 2006 peak. By price tiers, low-end L.A. is off 56% from the peak, the mid-tier is down 42% and the highest-priced tier is off 31%. Both the mid-tier and high-tier were up slightly from April, the first time that's happened since 2006 and 2007, respectively.
The worst declines from the peak so far are in Phoenix (55%) and Las Vegas (53%).
-- Peter Y. Hong