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Data through June released today by Standard & Poor's for its S&P/Case-Shiller(R) Home Price Indices, the leading measure of U.S. home prices, shows continued negative annual returns in the U.S. National Home Price Index, the 10-City Composite and the 20-City Composite, as well as 15 of the 20 metro area indices.
The annual returns of the U.S. National Home Price Index, the 10-City Composite, and the 20-City Composite shows all three still yielding negative returns as of June 2007. The quarterly S&P/Case-Shiller(R) U.S. National Home Price Index -- which covers all nine U.S. census divisions -- was down 0.9% from Q1 2007 and down 3.2% from Q2 2006.
"The pullback in the U.S. residential real estate market is showing no signs of slowing down," says Robert J. Shiller, Chief Economist at MacroMarkets LLC. "The year-over-year decline reported in the 2nd quarter of 2007 for the National Home Price Index is the lowest point in its reported history, which dates back to January 1987. On a regional level 17 of the 20 metro areas are showing declines in their annual growth rate from what was reported in May."
During this cycle, Boston was the first metro area to report negative year-over-year returns, back in April 2006. In June 2007, Boston showed an improvement in its annual rate of decline from the value reported in May, - 3.9% versus -4.3% reported in May. Boston has shown improvement since the beginning of the year, where its annual growth rate measured -5.5%. More data however, is needed to determine whether Boston, whose growth rate turned negative before other metro areas, is truly the first metro area to turn around.
The table below summarizes the results for June 2007. The S&P/Case- Shiller(R) Home Price Indices are revised for the 24 prior months, based on the receipt of additional source data.

                                   2007 Q2/   2007 Q1/
                        2007 Q2    2007 Q1    2006 Q4     1-Year
                         Level   Change (%)  Change (%)  Change (%)
    U.S. National Index  183.89     -0.9%      -0.9%      -3.2%

                       June 2007  June/May   May/April    1-Year
    Metropolitan Area    Level   Change (%)  Change (%)  Change (%)
    Atlanta              136.12      0.8%       0.6%       1.6%
    Boston               171.30      0.2%       0.8%      -3.7%
    Charlotte            135.05      1.2%       1.1%       6.8%
    Chicago              165.96      0.2%      -0.1%      -0.7%
    Cleveland            118.54      0.1%       0.8%      -3.6%
    Dallas               126.53      0.8%       0.6%       1.6%
    Denver               138.09      1.3%       1.1%      -1.0%
    Detroit              109.57     -0.5%      -2.4%     -11.0%
    Las Vegas            221.86     -1.3%      -0.8%      -5.1%
    Los Angeles          262.12     -0.4%      -0.1%      -4.1%
    Miami                264.89     -1.7%      -1.5%      -4.8%
    Minneapolis          164.35      0.0%      -0.2%      -3.8%
    New York             208.52     -0.8%      -0.8%      -3.4%
    Phoenix              212.52     -0.7%      -0.5%      -6.6%
    Portland             185.76      0.3%       0.9%       4.5%
    San Diego            231.37     -0.2%      -0.4%      -7.3%
    San Francisco        209.48     -0.7%      -0.3%      -4.0%
    Seattle              191.92      0.7%       0.9%       7.9%
    Tampa                219.37     -1.2%      -0.9%      -7.7%
    Washington           233.52     -0.8%      -0.3%      -7.0%
    Composite-10         217.07     -0.5%      -0.4%      -4.1%
    Composite-20         199.18     -0.4%      -0.3%      -3.5%

    Source: Standard & Poor's
    Data through June 2007

For more information:
http://www.standardandpoors.com/
http://www.homeprice.standardandpoors.com/

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