Case Shiller: Home Prices at New Post-Bubble Lows

National home prices have officially reached new post-bubble lows (seasonally-adjusted) according to the January 2012 Case-Shiller Home Price Index.

From Standard and Poors:

Data through November 2011, released today by S&P Indices for its S&P/Case-Shiller1 Home Price Indices … showed declines of 1.3% for both the 10- and 20-City Composites in November over October. For a second consecutive month, 19 of the 20 cities covered by the indices also saw home prices decrease. The 10- and 20-City composites posted annual returns of -3.6% and -3.7% versus November 2010, respectively. These are worse than the -3.2% and -3.4% respective rates reported for October.

…

“Despite continued low interest rates and better real GDP growth in the fourth quarter, home prices continue to fall. Weakness was seen as 19 of 20 cities saw average home prices decline in November over October,” says David M. Blitzer, Chairman of the Index Committee at S&P Indices. “… Nationally, home prices are lower than a year ago. The 10-City Composite was down 3.6% and the 20-City was down 3.7% compared to November 2010. The trend is down and there are few, if any, signs in the numbers that a turning point is close at hand.”

Calculated Risk adds:

The Composite 10 index is off 33.5% from the peak, and down 0.7% in November (SA). The Composite 10 is at a new post bubble low (Seasonally adjusted), but still above the low NSA.

The Composite 20 index is off 33.5% from the peak, and down 0.7% in November (SA). The Composite 20 is also at a new post-bubble low.

Here in the Bay Area, the home price index value fell to 128.63 in November, down from 130.32 in October and 136.1 in November of 2010. Bay Area home prices are now roughly back to where they were in November-December of 2000, adjusted for inflation.