« Bring Back The 90% Top Tax Rate! | Main | Pentagon Pundit Scandal Broke the Law »
April 29, 2008
Today's Housing Bubble Post -- Prices Down 12.7% Feb. Year Over Year
-- by Dave Johnson
It's just getting started and home prices dropped 12.7% in February from the previous year. Home prices fall record 12.7% in past year, Case-Shiller say,
The decline in U.S. home prices quickened in February, with prices down a record 12.7% in the past year for 20 key cities, according to the Case-Shiller home price index released Tuesday by Standard & Poor's. "There is no sign of a bottom in the numbers," said David M. Blitzer, chairman of the index committee at Standard & Poor's. Prices in 19 of the 20 cities have fallen over the past year, with prices in all 20 cities falling month-to-month for six straight months. The biggest declines were in Las Vegas and Miami, with declines of more than 20% in the past year. Prices in Charlotte, N.C., are up 1.5%.Remember, this is before the impact of a recession on housing sales.
When will we see a "bottom?" (The point where prices stop falling.) We're nowhere near a bottom. We'll see a bottom when the average person can afford to buy an average house - and wants to. We are a long, long, long way from that now -- and keep in mind that we're about to see a big reduction in what the average person can afford as the recession takes hold.
Posted by Dave Johnson at April 29, 2008 7:57 AM
Trackback Pings
TrackBack URL for this entry:
http://www.seeingtheforest.com/cgi-bin/mt/mt-t.fcgi/3761
Comments
Post a comment
Thanks for signing in, . Now you can comment. (sign out)
(If you haven't left a comment here before, you may need to be approved by the site owner before your comment will appear. Until then, it won't appear on the entry. Thanks for waiting.)
