Industry NewsMarkets & Economy

Case-Shiller: Home-price declines slowing

Las Vegas posts first monthly increase in 3 years

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Home prices fell in the fourth quarter of 2009 compared to the same period in 2008, but at a lower year-over-year rate than the first three quarters of 2009, according to a Standard and Poor's/Case-Shiller home-price report released today. Home prices dropped 2.5 percent year-over-year in the fourth quarter, compared to year-over-year drops of 19 percent in the first quarter, 14.7 percent in the second, and 8.7 percent in the first, according to the report. "As measured by prices, the housing market is definitely in better shape than it was this time last year, as the pace of deterioration has stabilized for now. However, the rate of improvement seen during the summer of 2009 has not been sustained," said David M. Blitzer, chairman of the Index Committee at Standard & Poor’s, in a statement. As of last quarter, home prices are at the same level they were in the summer of 2003, the report said. The S&P/Case-Shiller National Home Price Index tracks single-family hom...