Even with a seasonal increase in the month of July, home prices are 4% lower than a year ago according to data released today, September 27th, by Standard & Poor’s. The 20-city and 10-city composites of the S&P/Case-Shiller index rose 0.9% between June and July. However, each month shows a decrease by 4.1% and 3.7% respectively when compared to June and July of 2010. Detroit and Washington, D.C. were the only metropolitan areas in the study to stay in the positive growth category. Las Vegas dropped by 5.4% with Minneapolis leading with a decline of 9.1%.
Market watchers are predicting more drops for the reports tracking August and September as the July drop occurred even prior to the debt ceiling being raised and the problems in Europe. It is expected that consumers will further refrain from purchasing.
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