The Case-Schiller Home Prices Index showed another positive jump for the eight straight month in January. The seasonally adjusted prices increased by .4% for the 10 city index and .3% on the 20 city index. Both showed a decline on the unadjusted indexes due in part to the bad weather in many parts of the country.
On the negative side, Charlotte, Las Vegas, Seattle, and Tampa experienced prices that reached new index lows. In Tampa, prices are down 42% from their high levels, and Las Vegas has troughed at 55.8% from its peak. On the more positive side, San Francisco and Minneapolis are 15.2 percent and 12.9 percent ahead of their lowest points respectively.
Case-Schiller economists warn, however, that some of the forces that caused home values to start to rise are on course to be reversed, particularly with the end of the first time and move-up homebuyer tax credits. It is hard to say whether price gains can be sustained without these programs.
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