Home prices took a shockingly steep plunge on a monthly basis, an indication that the housing market could be on the verge of -- if it's not already in -- a double-dip slump.
Prices in 20 key cities fell 1.3% in October from a month earlier, an annualized decline of 15%, according to the S&P/Case-Shiller index released Tuesday. Prices were down 0.8% from 12 months earlier.
Month-over-month prices dropped in all 20 metro areas covered by the index. Six markets reached their lowest levels since the housing bust first began in 2006 and 2007.
Wednesday, December 29, 2010
Home prices falling anew
S&P/Case-Shiller shows monthly home prices dropping in all twenty cities tracked (including DC):
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Yeah, it was "shocking" if you mistook the effects of the home buyer tax gimmick for "stabilization."
ReplyDeletewell, it's neither especially surprising nor especially scary. let's wait and see what the report says for january.
ReplyDeleteThis housing market is driving us crazy here in Asheville NC. I'm really struggling to sell enough homes in these tough times.
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