Sunday, November 25, 2012

Las Vegas Leads Case Shiller Drop

Las Vegas remains the most depressed market in the U.S. as far as housing prices, with prices falling 29%, according to today’s data from the Case Shiller Index of home prices, while the nation as a whole recorded an 8.9% drop in prices in the third quarter, year over year — a big improvement from the 15% and 19% drops in the prior five quarters. September was the fifth month in a row that prices improved month over month. But the drop for the closely watched 20-city index, 9.4%, was worse than expected. “The gains in the most recent month are more modest than during the seasonally strong summer months,” said Standard & Poor’s David Blitzer. “Fewer cities saw month to month improvements in September than in August in both seasonally adjusted and unadjusted figures.”

The three top homebuilders traded down on the news, with D.R. Horton (DHI) falling 9 cents, or .8%, to $10.57, Toll Brothers (TOL) down 10 cents, or .5%, at $19.76, and Pulte Homes (PHM) falling 19 cents, or 2%, to $9.37.

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