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
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J.C. Parets is the Founder & President of Eagle Bay Capital, LLC. He earned the Chartered Market Technician designation (CMT) in 2008 and now actively manages money incorporating Technical Analysis and Behavioral Finance into his practice More
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