U.S. home prices dip in November -S&P/Case-Shiller

NEW YORK, Jan 26 (BestGrowthStock) – U.S. home prices slipped in
November and were softer than expected in the latest sign that
a rebound in the U.S. housing market is tenuous, according to
Standard & Poor’s/Case-Shiller indexes on Tuesday.

The S&P composite index of home prices in 20 metropolitan
areas slipped 0.2 percent in November after a revised 0.1
percent October dip, for a 5.3 percent annual drop.

A Reuters survey had forecast a 0.1 percent November rise.
Prices were originally reported as unchanged in October.

On a seasonally adjusted basis, the 20-city index rose 0.2
percent in November, S&P said, after a 0.3 percent rise the
prior month.

The home price picture remains mixed despite steady annual
improvement, said David M. Blitzer, Chairman of the Index
Committee at Standard & Poor’s.

“Only five of the markets saw price increases in November
versus October,” he said. “What is more interesting is that
four of the markets — Charlotte, Las Vegas, Seattle and Tampa
— posted new low index levels as measured by the past four
years.”

Other markets continue to improve month over month, with
Los Angeles, Phoenix, San Diego and San Francisco posting price
rises for at least six consecutive months.

Investing Analysis
(Reporting by Lynn Adler; Editing by James Dalgleish)

U.S. home prices dip in November -S&P/Case-Shiller