HOME PRICES FALL

[RubHer Yellow Ducky]

Home prices fall 7.7% in past year, according to Case-Shiller Index

Posted Jan 29th 2008 1:33PM by Joseph Lazzaro
Filed under: Bad news, Economic data, Housing, Recession
Home price depreciation accelerated in November, with prices falling in all 20 cities surveyed by the Case-Shiller Home Price Index, survey officials announced [pdf] Tuesday. Prices fell a record 2.2% in November 2007, and 7.7% in the past year. Just as ominous, home prices fell in all 20 cities in November 2007, and prices in the last three months fell at a 16.2% annual rate. In addition, the survey's original 10-city index fell 8.4% in the past year.

Miami recorded the largest price decline, down 15.1%; followed by San Diego, down 13.4%; Las Vegas, down 13.2%; and Detroit, down 13%.
A tell-tale stat
Economist Steve Affinito told BloggingStocks Tuesday the Case-Shiller data is yet another tell-tale statistic regarding the condition of the U.S. housing sector.
"The song remains the same, and it's not a pleasant tune," Affinito said. "The Case-Shiller data shows a housing sector in deep recession, no doubt about it. We have an enormous oversupply as a result of the home construction overbuild and home owners in the market to sell who are not lowering the prices of their homes. Until everyone sets more-realistic sales price goals, those homes won't sell. And prices will not recover until that inventory is worked-off. We're a long way from that day."

Index co-developer Robert Shiller could not provide any encouragement, either.

"We reached another grim milestone in the housing market in November," Shiller, Chief Economist at MacroMarkets LLC said. "Not only did the 10-City Composite post another record low in its annual growth rate, but 13 of the 20 metro areas, each with data back to 1991, did the same. . . . Every MSA has now posted three consecutive monthly declines."
Tags: Case Shiller, featured, home

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I won't believe it until Adam posts it.

[RubHer Yellow Ducky]

ADAM SAYS

Originally Posted by RubHer Yellow Ducky

Home prices fall 7.7% in past year, according to Case-Shiller Index

Posted Jan 29th 2008 1:33PM by Joseph Lazzaro
Filed under: Bad news, Economic data, Housing, Recession
Home price depreciation accelerated in November, with prices falling in all 20 cities surveyed by the Case-Shiller Home Price Index, survey officials announced [pdf] Tuesday. Prices fell a record 2.2% in November 2007, and 7.7% in the past year. Just as ominous, home prices fell in all 20 cities in November 2007, and prices in the last three months fell at a 16.2% annual rate. In addition, the survey's original 10-city index fell 8.4% in the past year.

Miami recorded the largest price decline, down 15.1%; followed by San Diego, down 13.4%; Las Vegas, down 13.2%; and Detroit, down 13%.
A tell-tale stat
Economist Steve Affinito told BloggingStocks Tuesday the Case-Shiller data is yet another tell-tale statistic regarding the condition of the U.S. housing sector.
"The song remains the same, and it's not a pleasant tune," Affinito said. "The Case-Shiller data shows a housing sector in deep recession, no doubt about it. We have an enormous oversupply as a result of the home construction overbuild and home owners in the market to sell who are not lowering the prices of their homes. Until everyone sets more-realistic sales price goals, those homes won't sell. And prices will not recover until that inventory is worked-off. We're a long way from that day."

Index co-developer Robert Shiller could not provide any encouragement, either.

"We reached another grim milestone in the housing market in November," Shiller, Chief Economist at MacroMarkets LLC said. "Not only did the 10-City Composite post another record low in its annual growth rate, but 13 of the 20 metro areas, each with data back to 1991, did the same. . . . Every MSA has now posted three consecutive monthly declines."
Tags: Case Shiller, featured, home

ADAM SAYS