NEW YORK – For the eighth consecutive month, home values showed an improvement in one analysis, but others show declines in what’s considered a bellwether for the economy.
Standard & Poor’s Case-Shiller Index rose 0.3% in January from December. But a number of analysts say the news is mixed. One reason is that the seasonal adjustment made in the Case-Shiller data improves the numbers during the slow home sale season of winter. Were the data not adjusted, the index actually fell 0.4% in January from December. The pace of home sales also slowed as the $8,000 tax credit from the federal government was to expire Nov. 30, even though Congress eventually extended that to April 30.
The First American CoreLogic Home Price Index dropped 1.9% in January, which was double the decline shown in December. The Federal Housing Finance Agency’s index dropped 0.6% in January after falling a revised 2% in December.
In the Case-Shiller index home prices have declined approximately 30% off their peak in mid-2006.
