Home Prices Closed Out a Strong 2012 According to the S&P/Case-Shiller Home Price Indices

 Home Prices Closed Out a Strong 2012 According to the S&P/Case-Shiller Home
                                Price Indices

PR Newswire

NEW YORK, Feb. 26, 2013

NEW YORK, Feb. 26, 2013 /PRNewswire/ --Data through December 2012, released
today by S&P Dow Jones Indices for its S&P/Case-Shiller[1] Home Price Indices,
the leading measure of U.S. home prices, showed that all three headline
composites ended the year with strong gains. The national composite posted an
increase of 7.3% for 2012. The 10- and 20-City Composites reported annual
returns of 5.9% and 6.8% in 2012. Month-over-month, both the 10- and 20-City
Composites moved into positive territory with gains of 0.2%; more than
reversing last month's losses.

In addition to the three composites, nineteen of the 20 MSAs posted positive
year-over-year growth – only New York fell.

The S&P/Case-Shiller U.S. National Home Price Index, which covers all nine
U.S. census divisions, recorded a 7.3% gain in the fourth quarter of 2012 over
the fourth quarter of 2011. In December 2012, the 10- and 20-City Composites
posted annual increases of 5.9% and 6.8%, respectively.

"Home prices ended 2012 with solid gains," says David M. Blitzer, Chairman of
the Index Committee at S&P Dow Jones Indices. "Housing and residential
construction lead the economy in the 2012 fourth quarter. In December's
report all three headline composites and 19 of the 20 cities gained over their
levels of a year ago. Month-over-month, 9 cities and both Composites posted
positive monthly gains. Seasonally adjusted, there were no monthly declines
across all 20 cities.

"The National Composite increased 7.3% over the four quarters of 2012. From
its low in the first quarter, it surged in the second and third quarter and
slipped slightly in the 2012 fourth period. The 10- and 20-City Composites,
which bottomed out in March 2012 continued to show both year-over-year and
monthly gains in December. These movements, combined with other housing data,
suggest that while housing is on the upswing some of the strongest numbers may
have already been seen.

"Atlanta and Detroit posted their biggest year-over-year increases of 9.9% and
13.6% since the start of their indices in January 1991. Dallas, Denver, and
Minneapolis recorded their largest annual increases since 2001. Phoenix
continued its climb, posting an impressive year-over-year return of 23.0%; it
posted eight consecutive months of double-digit annual growth."

As of the fourth quarter of 2012, average home prices across the United States
are back at their autumn 2003 levels. At the end of the fourth quarter of
2012, the National Index was down 0.3% over the third quarter of 2012 and 7.3%
above the fourth quarter of 2011.

As of December 2012, average home prices across the United States for the
10-City and 20-City Composites are back to their autumn 2003 levels. Measured
from their June/July 2006 peaks, the decline for both Composites is
approximately 30% through December 2012. For both Composites, the December
2012 levels are approximately 8-9% above their recent lows seen in March 2012.

In December 2012, nine MSAs and both Composites posted positive monthly gains,
led by Las Vegas with an increase of 1.8%. Eleven cities declined with Chicago
posting the largest negative monthly return of 0.7%.

Atlanta and Detroit remain the only three cities with average home prices
below their January 2000 levels. Detroit with an 80.04 print is 20% below its
January 2000 level.

The table below summarizes the results for December 2012. The S&P/Case-Shiller
Home Price Indices are revised for the 24 prior months, based on the receipt
of additional source data. More than 25 years of history for these data series
is available, and can be accessed in full by going to
www.homeprice.standardandpoors.com.



                   2012 Q4      2012 Q4/2012 Q3   2012 Q3/2012 Q2
                   Level        Change (%)        Change (%)        1-Year
                                                                    Change (%)
U.S. National      135.22       -0.3%             2.1%              7.3%
Index
                   December     December/November November/October
                   2012
Metropolitan Area  Level        Change (%)        Change (%)        1-Year
                                                                    Change (%)
Atlanta            95.95        0.3%              0.1%              9.9%
Boston             153.81       0.1%              -0.9%             3.6%
Charlotte          114.92       -0.4%             -0.3%             5.3%
Chicago            112.61       -0.7%             -1.3%             2.2%
Cleveland          100.56       -0.1%             -0.8%             2.9%
Dallas             120.51       -0.1%             -0.1%             6.5%
Denver             134.14       -0.3%             0.4%              8.5%
Detroit            80.04        -0.6%             -0.1%             13.6%
Las Vegas          102.41       1.8%              0.4%              12.9%
Los Angeles        178.59       1.1%              0.4%              10.2%
Miami              152.36       0.8%              0.8%              10.6%
Minneapolis        126.09       -0.1%             0.9%              12.2%
New York           161.58       -0.4%             -1.2%             -0.5%
Phoenix            125.33       0.9%              1.4%              23.0%
Portland           141.35       -0.5%             -0.2%             6.5%
San Diego          164.28       0.4%              0.9%              9.2%
San Francisco      147.24       0.7%              1.4%              14.4%
Seattle            141.75       -0.5%             0.5%              8.2%
Tampa              134.04       0.2%              -0.2%             7.2%
Washington         188.72       -0.1%             -0.7%             5.8%
Composite-10       158.49       0.2%              -0.2%             5.9%
Composite-20       145.95       0.2%              -0.1%             6.8%
Source: S&P Dow Jones Indices and Fiserv
Data through December 2012



Since its launch in early 2006, the S&P/Case-Shiller Home Price Indices have
published, and the markets have followed and reported on, the non-seasonally
adjusted data set used in the headline indices. For analytical purposes, S&P
Dow Jones Indices publishes a seasonally adjusted data set covered in the
headline indices, as well as for the 17 of 20 markets with tiered price
indices and the five condo markets that are tracked.

A summary of the monthly changes using the seasonally adjusted (SA) and
non-seasonally adjusted (NSA) data can be found in the table below.



                    2012 Q4/2012 Q3              2012 Q3/2012 Q2
                    NSA             SA           NSA           SA
US National         -0.3%           2.0%         2.1%          1.2%
                    December/November Change (%) November/October Change (%)
Metropolitan Area   NSA             SA           NSA           SA
Atlanta             0.3%            0.9%         0.1%          1.7%
Boston              0.1%            0.5%         -0.9%         0.1%
Charlotte           -0.4%           0.2%         -0.3%         0.3%
Chicago             -0.7%           0.4%         -1.3%         0.3%
Cleveland           -0.1%           0.6%         -0.8%         0.1%
Dallas              -0.1%           0.7%         -0.1%         0.8%
Denver              -0.3%           0.8%         0.4%          1.2%
Detroit             -0.6%           0.4%         -0.1%         1.1%
Las Vegas           1.8%            2.0%         0.4%          1.1%
Los Angeles         1.1%            1.7%         0.4%          0.8%
Miami               0.8%            0.8%         0.8%          0.8%
Minneapolis         -0.1%           1.3%         0.9%          1.7%
New York            -0.4%           0.2%         -1.2%         -0.4%
Phoenix             0.9%            1.5%         1.4%          1.5%
Portland            -0.5%           0.0%         -0.2%         0.6%
San Diego           0.4%            1.1%         0.9%          1.5%
San Francisco       0.7%            1.6%         1.4%          2.4%
Seattle             -0.5%           0.7%         0.5%          1.0%
Tampa               0.2%            0.7%         -0.2%         0.5%
Washington          -0.1%           0.8%         -0.7%         0.2%
Composite-10        0.2%            0.9%         -0.2%         0.5%
Composite-20        0.2%            0.9%         -0.1%         0.7%
Source: S&P Dow Jones Indices and Fiserv
Data through December 2012



About S&P Dow Jones Indices
S&P Dow Jones Indices LLC, a subsidiary of The McGraw-Hill Companies is the
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For more information:
Dave Guarino
Communications
S&P Dow Jones Indices
dave_guarino@spdji.com
201-755- 5334

David Blitzer
Managing Director and Chairman of the Index Committee
S&P Dow Jones Indices
david_blitzer@spdji.com
917-376-1204

S&P Dow Jones Indices has introduced a new blog called HousingViews.com. This
interactive blog delivers real-time commentary and analysis from across the
Standard & Poor's organization on a wide-range of topics impacting residential
home prices, homebuilding and mortgage financing in the United States. Readers
and viewers can visit the blog at www.housingviews.com, where feedback and
commentary is certainly welcomed and encouraged.

The S&P/Case-Shiller Home Price Indices are published on the last Tuesday of
each month at 9:00 am ET. They are constructed to accurately track the price
path of typical single-family homes located in each metropolitan area
provided. Each index combines matched price pairs for thousands of individual
houses from the available universe of arms-length sales data. The
S&P/Case-Shiller National U.S. Home Price Index tracks the value of
single-family housing within the United States. The index is a composite of
single-family home price indices for the nine U.S. Census divisions and is
calculated quarterly. The S&P/Case-Shiller Composite of 10 Home Price Index is
a value-weighted average of the 10 original metro area indices. The
S&P/Case-Shiller Composite of 20 Home Price Index is a value-weighted average
of the 20 metro area indices. The indices have a base value of 100 in January
2000; thus, for example, a current index value of 150 translates to a 50%
appreciation rate since January 2000 for a typical home located within the
subject market.

These indices are generated and published under agreements between S&P Dow
Jones Indices and Fiserv, Inc. The S&P/Case-Shiller Home Price Indices are
produced by Fiserv, Inc. In addition to the S&P/Case-Shiller Home Price
Indices, Fiserv also offers home price index sets covering thousands of zip
codes, counties, metro areas, and state markets. The indices, published by S&P
Dow Jones Indices, represent just a small subset of the broader data available
through Fiserv.

For more information about S&P Dow Jones Indices, please visit
www.spindices.com.

[1] Case-Shiller® and Case-Shiller Indexes® are registered trademarks of
Fiserv, Inc.

SOURCE S&P Dow Jones Indices

Website: http://www.spindices.com