Home prices fell for the sixth straight month in October, down 1.2% compared with September and 3.4% a year ago, according to the latest S&P/Case-Shiller 20-city index.CNN Money isn't clear about this, but they are referring specifically to the S&P/Case-Shiller 20-city seasonally-adjusted index.
The decline was disappointing in light of several other recent reports, which painted a more positive picture of the housing market. ...
tight lending standards and a glut of foreclosures continue to weigh on the housing market, said Pat Newport, a housing market analyst for IHS Global Insight.
With so many homes for sale at distressed prices, the home price numbers come as no surprise, he said.
"The numbers are pretty bad and will get even worse over the next two years," he said.
The 20-city index has dropped every month since April. Since the housing bust began in mid-2006, homes have lost nearly 33% of their value.
The Wall Street Journal has a nice little graphic showing the year-over-year home price change measured by different sources:
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DC continues to go up. For the record, my bet with JAC is now as follows:
ReplyDelete2011....Partisan....JAC......Average...Actual....WinnerFeb.....183.5.......182.5....183.0......179.96...JACMar.....183.0.......181.0....182.0......177.48...JACApr.....183.0.......179.0.....181.0.....178.46...JACMay.....183.5.......180.0....181.75....180.33...JACJun.....184.5.......177.0.....180.75....182.28...PartisanJul......186.0.......177.0.....181.5.....184.63...PartisanAug.....187.0.......170.5.....178.75...185.80...PartisanSep.....186.5.......169.5.....178.0.....188.04...Partisan
Oct......186.5......169.0.....177.5.....187.42...Partisan
14 months left til our bet is officially over. I strongly suspect I will win, but also go 14-0 in the process. We shall see.
Prices definitely are down, but I would expect them to go back up in the next year or two.
ReplyDelete-Jackie @ CT real estate appraiser