U.S. home prices decine 4.1 percent in 2010 Q4

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U.S. home prices decine 4.1 percent in 2010 Q4

2011-02-23 07:03:50 GMT+7 (ICT)

NEW YORK (BNO NEWS) -- U.S. home prices declined by 4.1 percent during the fourth quarter of 2010, compared to the previous year, according to a report released on Tuesday by Standard & Poor's (S&P)/Case-Shiller.

The decline represents the lowest annual growth rate since the third quarter of 2009, when prices were falling at an 8.6 percent annual rate.

"We ended 2010 with a weak report. The national index is down 4.1 percent from the fourth quarter of 2009 and 18 of 20 cities are down over the last 12 months," said David M. Blitzer, Chairman of the Index Committee at Standard & Poor's.

"The National Index is within a percentage point of the low it set in the first quarter of 2009. Despite improvements in the overall economy, housing continues to drift lower and weaker," he added.

According to the report, as of the fourth quarter of 2010, average home prices across the United States are at similar levels to what they were in the first quarter of 2003, and the national index level is very close to the first quarter in 2009.

Furthermore, the cities of Atlanta, Charlotte, Chicago, Detroit, Las Vegas, Miami, New York, Phoenix, Portland, Seattle and Tampa posted new index level lows in December 2010, since 2006 and 2007.

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