Tuesday, January 29, 2008

S&P Home Price Index Sees Record Drop

The Standard & Poor’s/Case-Shiller Home Price Indices rang up an 8.4% dip in its 10-City Composite Index in November, the largest decline in the measure's 17-year history.

November was the 11th consecutive month of negative annual returns.
"We reached another grim milestone in the housing market in November," says Robert J. Shiller, Chief Economist at MacroMarkets LLC. "Not only did the 10-City Composite post another record low in its annual growth rate, but 13 of the 20 metro areas, each with data back to 1991, did the same. If you look at the monthly figures, every MSA (Metropolitan Statistical Area) has now posted three consecutive monthly declines. Eight of these MSAs, in addition to the two composites, have had more than 12 consecutive months of falling prices. "
Miami dropped 15.1% year-over-year. San Diego dipped 13.4%, Las Vegas fell 13.2% and Detroit fell 13.0%.

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