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Case-Shiller: Home Prices Fall 4% in December

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  • Description

    FBN’s Diane Macedo breaks down the latest data on the housing market.

  • Duration 4:53
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This transcript is automatically generated

This is a minute -- most of the morning.

News on the housing front home prices in December fell more than expected according to the latest case Shiller report.

About a break in our newsroom now with the details on that -- Robert.

Day -- and that's right -- new crisis lows this case Shiller put it.

About that ten Citi met during the twenty city metro area and in addition to that the national composite as -- all three touching new lows.

All falling more than economists had been anticipating as well.

Home prices on a national basis now at levels the same as late 2002.

Put -- twenty city index for the month of December.

Falling one point 1% from November -- -- again a bigger decline than expected.

Eighteen out of twenty metro areas decline Miami and Phoenix the only ones posting modest gains both less than 1%.

For the year 2011.

December prices down 4%.

On a year to year basis -- prices were only expected to fall about three point 6%.

Detroit the only one of -- -- metro areas with a positive return -- one half of 1% Atlanta the worst down 13%.

Atlanta be joined by Las Vegas Seattle and -- -- all hitting new lows.

Four that two year.

Dot meanwhile we had get a get a report on durable goods out about a half an hour ago it had the biggest drop in three years.

December was revised slightly higher supposed to keep in mind falling from a higher I've been a previously expected area nonetheless site have been up three straight months.

We -- -- -- the decline down 4%.

-- December again revised slightly higher act when you back out transportation's.

Bigger transmission orders a big decline of 3.2 percent business spending.

Meanwhile drew its biggest drop in a year down four and a half percent it's that have been one area of -- companies investing in new machinery and business.

Equipment and now we did see the one bright spot -- the defense capital goods up but I for its biggest jump in a year.

Back to your tire out react to to report so far and and both coming in worse than expected -- this together consumer confidence report comes in at ten.

But in the meantime -- you seeing the effect from these reports.

On the market right now you can see Dow futures are down by two points yes and -- down by almost a full point there on the NASDAQ still holding on to Green territory just barely.

And this is after we sell futures up across the board.

For all of the morning up until just about right now let's get a full preview of the trading day -- for that will go to the cold -- at least on the floor of the new York stock.

Change how people react to news reports and we'll -- good morning Diane -- markets have pretty much flat slightly to the downside NIC slightly may yet.

-- the truth is that we're by the trend has been to the upside we -- through thirteen thousand yesterday.

Things have been pretty much flat at the moment right a little back and forth classic book crossing over the end -- point when he time -- On the it is trying to find -- this level here.

We did -- -- -- some of the financials they're pretty much flat it's all about earnings those economic numbers were weak durable goods and also case shell about looking at AutoZone for example.

Which beat the street still AutoZone is a winner.

Up about 5% this morning then also keeping an I had a name like Domino's Pizza.

Our earnings as well up about 5% topping the analysts' estimates.

Then there's Hovnanian we just talked about you sellers -- gonna watch a lot of these homebuilders and such as C because prices.

-- for many homes are to the downside but meaning came out.

Hi I'm showing that contracts are actually higher.

And so -- -- was looking -- up about 4% but Steve it's still a winner here yes it is so that you still have with an -- -- Priceline coming in with their numbers profit and sales exceeding analysts' estimates so that is good also.

Expanding abroad and in many countries so price sign.

Looking like a winner today it's up about 7%.

So this is looking like -- a new high here for prices will continue to watch -- just consider Priceline.

That winner today 632.

-- your shareholders don't mind that today.

Carnival Cruise Lines was that we got -- -- and everybody remembers when the ship cat that ship sank and then now we're talking about another -- under the same.

Carnival Cruise Lines umbrella.

That -- went on fire so that is being towed to an island.

Be a -- -- -- that now Carnival cruise is down about 1% and -- keep an eye on both.

Yahoo! because Yahoo! along with FaceBook now a little back and forth on some patents -- an -- so -- -- Is a little bit higher.

This morning -- -- have -- what it's all about intellectual property.

Back to you Eric will probably thought I had a Saturday haven't heard -- thank you very much at seven breaking news better that they is that the breaking.

Let's take a look at commodities now oil and gold.

Have been mixed for most of the morning hours seeing that oil is down by about seventy cents while gold is up by almost seven dollars at 1780 -- announced.

Imus in the morning continues right now on Fox Business.

Giving you the Howard across.

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