Home prices in July fell 5.3% compared with a year ago, a government agency said Tuesday, and have now receded to October 2005 levels.According to the competing S&P/Case-Shiller Home Price Index, house prices have already fallen to mid-2004 levels.
The home price index was down 0.6% from June on a seasonally adjusted basis, according to the Federal Housing Finance Agency.
The nationwide decline in home values coupled with reckless lending standards are the driving forces behind rising mortgage defaults and foreclosures, and the credit crisis that has shaken Wall Street to its core.
Bubble Meter is a national housing bubble blog dedicated to tracking the continuing decline of the housing bubble throughout the USA. It is a long and slow decline. Housing prices were simply unsustainable. National housing bubble coverage. Please join in the discussion.
Thursday, September 25, 2008
OFHEO: House Prices Fall to Late 2005 Levels
Here is the latest from the OFHEO House Price Index:
No comments:
Post a Comment