HousingWire.com – Trey Garrison
Home prices declined in January for the third straight month, slowing the pace of year-over-year appreciation, according to the key 20-city S&P/Case-Shiller survey of home prices. With the decline of -0.08% in January the index saw its longest consecutive streak of declines since March 2012. Economists rushed this morning to say the results do not mean there is a housing bubble and it is popping. Actually, they say, the opposite is true.
Month-on-month, U.S. home prices inched down 0.1% in January, matching expectations and after dipping 0.1% in the preceding month. Fully 12 of 20 tracked cities posting drops. Year-over-year, prices increased 13.24%, a drop from the December year-over-year gain of 13.38%, indicating a general slowing of home price appreciation.
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