Home Prices Continue Downward Spiral
- Posted by JC Parets
- on May 31st, 2011
“Home prices continue on their downward spiral with no relief in sight”
- David M. Blitzer, Chairman of the Index Committee at S&P Indices.
Data through March 2011 shows that the U.S. National Home Price Index declined by 4.2% in the first quarter of 2011. Since December 2010, we have found an increasing number of markets posting new lows. In March 2011, 12 cities – Atlanta, Charlotte, Chicago, Cleveland, Detroit, Las Vegas, Miami, Minneapolis, New York, Phoenix, Portland (OR) and Tampa – fell to their lowest levels as measured by the current housing cycle.
Meanwhile, the Homebuilders ETF ($XHB) is less than 2% from making new 52-week HIGHS. But the usual suspects are not even close. $KBH $LEN $PHM $USG all still have a long way to go before they can get back to their February highs. The fund’s name – “SPDR S&P Homebuilders” is deceiving.
Read the latest from Case-Shiller at Calculated Risk
Full Disclosure: Nothing on this site should ever be considered to be advice, research or an invitation to buy or sell any securities, please see my Terms & Conditions page for a full disclaimer.blog comments powered by Disqus
J.C. Parets is the Founder & President of Eagle Bay Capital, LLC. He is a 10-year veteran and Market Technician who actively manages money incorporating Technical Analysis and Behavioral Finance into his practice. JC’s work has been featured regularly on CNBC, Fox Business, Bloomberg, Business News Network, Wall Street Journal and Yahoo Finance among many other financial media outlets. More...
- Are Utilities Breaking Out Relative to S&Ps?
- A Non-Random Walk Through Canadian Dollars
- Fox Business: Retail Stocks & Government Shutdowns
- United Technologies Breaks Out vs S&P500!
- Latin America Hits 9-Year Lows vs Emerging Markets
- My One-On-One Interview With CEO.CA
- What’s There Not To Like About REITs?
- ABC News: Do We Buy Gold or other Metals?
- What Are The Best Sectors In America?
- Fox Business: Metals and Treasury Bonds
Archive by Year