Declines in the prices of existing single family homes across the United States worsened in February 2008, with 17 of the 20 now reporting record low annual declines — 10 of the 20 regions were in
"There is no sign of a bottom in the numbers. Prices of single family homes continue to drop across the nation. All 20 metro areas were in the red for the February-over-January reading. In addition, 19 of the 20 MSAs are still reporting negative annual returns. The monthly data show that every one of the MSAs has now declined" –David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s.
Chart courtesy of S&P
S&P/Case-Shiller Index – February 2008 Table
Table courtesy of TFS Derivatives
UPDATE: April 29 2008 11:58am
Tim Iacono posts this lovely charts:
Steep Declines in Home Prices Continued
S&P, April 29, 2008
S&P/Case-Shiller Index Release – February 2008
TFS Derivatives, April 29, 2008
“I don’t think we’re anywhere near a bottom in housing”
courtesy of Bloomberg
Eli Broad, a philanthropist and co- founder of KB Home, the fifth-largest U.S. homebuilder by revenue, said he expects home prices to drop another 20 percent.
"I don’t think we’re anywhere near a bottom in housing,” Broad told Bloomberg TV at the Milken Institute Conference in Beverly Hills, California. "We’re going to have a big inventory of unsold, unoccupied homes that’s going to take three or four years to clear out.”
Homebuilders, hurt by banks’ stricter requirements for granting home loans and concern over the rising number of homeowners failing to pay their mortgages, have begun work on the fewest number of houses since 1991, according to the U.S. Department of Commerce."
KB Home’s Broad Says Home Prices May Drop Another 20%
Rhonda Schaffler and Bob Ivry
Bloomberg, April 28 2008
William Rhodes, vice chairman of Citigroup about the outlook for the U.S. economy and financial markets, trade policy and his expectations for China’s growth.
Rhodes of Citigroup Says Credit Crisis `Half Way’ Over
Bloomberg April 25 2008