The Case Shiller home price index was released this morning for the month of November (which is an average of September, October, and November) and it has now fallen for the 5th consecutive month confirming the continued decline in home prices.
The index is now down 30.9% from the peak, and down .5% month over month. 8 cities have now reached new post bubble lows.
As a reminder, these new lows come with the government financing or guaranteeing close to 100% of the new mortgages issued, and the Federal Reserve has already purchased $1.3 trillion in mortgage debt.
We will soon find a bottom in the real estate market, but it will be priced in gold as the government continues to try and support bubble prices.