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 earned the Chartered Market Technician designation (CMT) in 2008 and now actively manages money incorporating Technical Analysis and Behavioral Finance into his practice More
- Is That A Head & Shoulders Pattern In XOP?
- Is JC Penney Setting Up For Another Leg Higher?
- Audio: Q&A on Benzinga Morning Show
- A Look At Energy On Multiple Timeframes
- Yahoo Runs Into Historic Overhead Supply
- Join Me On Benzinga’s PreMarket Prep Show 9/16 9AM ET
- Semiconductors Selloff After Failed Breakout
- Tesla Breaks Down From Traditionally Bullish Pennant
- A Multi-Timeframe Look At Mid-Caps
- Here are 4 of My Favorite Charts in the World
Archive by Year