A new government report reveals declines that are steeper than usual — even for this market. ...
The Federal Housing Finance Agency (FHFA) reported that home prices fell a record 1.8% for the month, compared with October... That follows losses of 1.2% and 1.1% in the two previous months. For the 12 months ended November 30, prices fell 8.7%, which was the largest 12-month price drop ever for the 17-year-old index.
"We've been seeing an acceleration in the rate of housing-market decline," said Mike Moran, a real estate analyst with Daiwa Securities. ...
"The news in the housing markets has just been dreadful," said Moran.
That bad news includes foreclosure rates that are still on the rise, record-low homebuilder sentiment and reports of modified mortgages quickly going bad again.
Friday, January 23, 2009
The decline in existing home prices accelerated in November
From CNN Money: