Case-Shiller Home Price Index Down 10.7% Y/Y for January [delayed]

Tue. March 25, 2008; Posted: 09:35 AM

Ridgeland, MS, MAR 25, 2008 (EventX/Knobias.com via COMTEX) -- XHB | news | PowerRating | PR Charts -- The Case-Shiller 20-City Composite index of home prices fell 10.7% for the year ended in January. For the month of January prices fell 2.4%. Nineteen of the 20 cities reported 12-month price declines, but Charlotte, NC bucked the trend on a 1.8% gain. In pre-market trading the homebuilder ETF (XHB) is up 0.2% in thin trading.

Real estate consultant Ken Rosen told MarketWatch on Monday he sees another leg down for homebuilders fueled by the next wave of foreclosures and higher job losses. He called the current rally a "dead cat bounce."

JMP Securities upgraded DR Horton (DHI), Meritage (MTH) and Pulte Homes (PHM) to Outperform from Market Perform this morning.

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For full details on SPDRs Select Sector Consumer Discretionary ETF (XLY) click here. SPDRs Select Sector Consumer Discretionary ETF (XLY) has Short Term PowerRatings of 5. Details on SPDRs Select Sector Consumer Discretionary ETF (XLY) Short Term PowerRatings is available at This Link.

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