Home prices in 20 cities dropped at a slower pace in January, pointing to stabilization in the real estate market.
The S&P/Case-Shiller index of property values in 20 cities fell 3.8 percent from a year earlier, after decreasing 4.1 percent in December.
Prices were little changed in January from the prior month.
Property values are steadying as a strengthening labor market underpins housing demand, which may allow the industry that precipitated the recession to contribute to growth this year. Nonetheless, the recovery in sales may be restrained by foreclosures that are putting more properties onto the market.
“We are starting to see a slightly less-negative picture,” said Sean Incremona, a senior economist at 4Cast in New York, who correctly projected the decline.
Sixteen of the 20 cities in the index showed a year-over-year decline, led by a 15 percent drop in Atlanta.
Eight cities made new post-slump lows, the report said, including Chicago, Las Vegas and New York.
property values ebook download, real estate, stabilization, Sean Incremona
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