Case-Shiller Home Price Index Posts Record Annual Decline
The
Sept S&P/Case-Shiller Home Price Index fell 4.9% y/o/y, the biggest drop
since the data began in 1988 -- but in-line with expectations. It's the
9th straight month of declines. Lower house prices will help to clear out excess inventories (a lot much more than rate cuts).
Here's the money quote from Shiller:
"The declines in the national figure are notable for two reasons. First, the 3rd quarter decline, at 1.7%, was the largest quarterly decline in the index’s 21-year history. And, second, the year-over-year decline posted its second consecutive record low at -4.5%. Consistent with prior 2007 reports, there is no real positive news in today’s data. Most of the metro areas continue to show declining or decelerating returns on both an annual and monthly basis.
All 20 metro areas were in decline in September over August. Even the five metro areas that still have positive annual growth rates -- Atlanta, Charlotte, Dallas, Portland and Seattle -- show continued deceleration in returns."
Here's the metro overview:
S&P/Case-Shiller Index Release - September 2007 Index
Table courtesy of Tradition Financial Services, Inc. / TFS Derivatives
Source:
The
S&P/Case-Shiller Home U.S. National Home Price Index Posts a Record Annual
Decline in the 3rd Quarter of 2007
S&P, Nov 27, 2007 09:00 AM EST PDF
http://www2.standardandpoors.com/spf/pdf/index/CSHomePrice_Release_112766.pdf
Tuesday, November 27, 2007 | 09:56 AM | Permalink
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Comments
totally lost in all the euphoria over bailing out more banks.....
Guess it will not matter until it drops off the current axis.
Here's something I heard yesterday at the bank:
"You mean we have a housing problem??-
Ciao
MS
Posted by: michael schumacher | Nov 27, 2007 10:03:08 AM
Hey Greenspan, it looks like a little of the froth has been blown off the housing market. jeez!
Posted by: edhopper | Nov 27, 2007 10:29:01 AM
Barry, I'd use bars, not lines, for the graph; YOY changes warrant bars, as they are discrete measures. If you were plotting the index of home values, a continuous measure, I'd use a line, then. JMO.
Posted by: jg | Nov 27, 2007 11:13:59 AM
I assume the optimistic headline covering this will be:
Home Prices Match Expectations!
Posted by: ScrewBush | Nov 27, 2007 11:41:14 AM
Barry - TFS got the DC numbers wrong...they've issued a correction that is probably in your email box. Just a small FYI - (I believe it was -1.7 percent?)
Posted by: P. Jackson | Nov 27, 2007 2:51:23 PM
20 years of data does not history make. I always ask my teenager for the "historical" perspective.
Posted by: Sippn | Nov 27, 2007 5:03:48 PM
I guess this can't be good news, huh?
Posted by: Snarky | Nov 27, 2007 10:40:47 PM
Thats good news if its true.
Posted by: dubai property | Jun 21, 2008 11:18:03 AM
