S&P/Case-Shiller for March 2011
Home prices around the country dropped in March to the lowest level since 2003, falling 3.6 percent from March of 2010, according to the S&P/Case-Shiller Home Prices Index.
The year-over-year decline for March was the most since November 2009. The depression in the housing market continues to look likely with a backlog of foreclosures, strict lending policies and unemployment at 9 percent. Only one of the 20 cities that make up the 20-City Composite of metropolitan areas saw house prices rise on an annual basis. Washington D.C.’s home prices grew 4.3 percent between March of 2010 and March of 2011. Minneapolis led the slump with a 10 percent drop.
“Home prices continue on their downward spiral with no relief in sight,” said David Blitzer, chairman of the index committee at S&P, in a statement. The S&P/Case-Shiller Home Price Indices come out the last Tuesday of every month and are published with a two-month lag.
Read on to see how each city in the 20-City Composite fared in February.
Editor’s Note: All data is from Standard & Poor’s Case-Shiller index of home values.