Case-Shiller: Prices Fell 14%, Most on Record
The Case-Shiller Home Price Indices data released today for home sales through March 2007shows a "continued broad based declines in the prices of existing single family homes across the United States, a trend that prevailed throughout 2007 and has continued into the first quarter of 2008."
Annual returns of the U.S. National Home Price fell 14.1% in Q1 2008 versus the same period a year ago. This was the largest fall in the 20-year history of the index. During the 1990-91 housing recession, the annual rate bottomed at -2.8%.
“The steep downturn in residential real estate continues,” says David M. Blitzer, Chairman of the Index committee at Standard & Poor’s. “There are very few silver linings that one can see in the data. Most of the nation appears to remain on a downward path, with 19 of the 20 metro areas reporting annual declines, and six of those now at negative rates exceeding -20%. Looking closely at these returns, you can see that 15 of the metro areas are also reporting record lows, and eleven are in double digit decline, with Chicago being the latest metro area to join these ranks. The monthly data paints a similar picture, with 18 of the metro areas reporting at least seven consecutive months of negative returns. For the first time in as many months, we finally saw monthly price appreciation in two of the metro areas – Charlotte was up 0.2% in March over February, and Dallas was up 1.1%.”
chart courtesy of S&P
Table courtesy of TFS Derivatives
National Trend of Home Price Declines Continued into the First Quarter of 2008
S&P/Case-Shiller Home Price Indices, May 27, 2008
S&P/Case-Shiller U.S. Home-Price Index Falls 14.4%
Bloomberg, May 27 2008
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Tim Iacono of "The Mess That Greenspan Made" occasionally has graphed the CPI with the substitution of the Case-Schiller index instead of owner's equivalent rent. A quick back of the envelope calculation suggests that, by this measure, the economy is in (-1%) DEflation!
Posted by: ndd | May 27, 2008 10:01:28 AM
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