Through January 2008, declines in the prices of existing single family homes posted record low annual declines.
“Unfortunately it does not look like early 2008 is marking any turnaround in the housing market, after the declining year recorded throughout 2007,” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s. “Home prices continue to fall, decelerate and reach record lows across the nation. No markets seem to be completely immune from the housing crisis, with 19 of the 20 metro areas reporting annual declines in January and the remaining – Charlotte North Carolina – eking out a benign 1.8% growth rate."
I believe that falling prices — along with falling industry — will ultimately be healthy, eventually returning real estate markets to more normalized sustainable levels somewhere off in the future.
Graphic courtesy of S&P/Case-Shiller Home Price Indices
Table courtesy of TFS Derivatives
Record Declines in Home Prices Continued in 2008
S&P/Case-Shiller Home Price Indices
March 25, 2008
Tradition Financial Services, Inc. / TFS Derivatives Corp.
March 25, 2008
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.