Wednesday, February 1, 2012

Home Prices Continue Their Decline

The chart below shows the home price indexes released this past month from Core Logic (blue line) and Case Shiller (red and yellow line).  The price declines continue month, after month, after month.  Buckle up because we have just under 10 million (if price declines stopped today) homes in shadow inventory waiting on deck to flood the market with supply.


"The trend is down, and there are few, if any, signs in the numbers that a turning point is close at hand," says David Blitzer," chairman of S&P's index committee.


November home prices

Metro area
Index Nov. 2011
Chg. from Oct.
Chg. from Nov. 2010
Atlanta
88.93
-2.5%
-11.8%
Boston
150.34
-1.6%
-1.6%
Charlotte
111.25
-0.5%
-1.9%
Chicago
112.46
-3.4%
-5.9%
Cleveland
98.94
-0.8%
-1.1%
Dallas
113.97
-1.3%
-0.8%
Denver
124.79
-0.5%
-0.2%
Detroit
70.66
-2.4%
3.8%
Las Vegas
91.41
-1.0%
-9.1%
L.A.
163.92
-1.0%
-5.4%
Miami
137.47
-0.5%
-4.4%
Minneapolis
113.25
-0.6%
-5.0%
New York
165.66
-1.1%
-2.3%
Phoenix
101.12
0.6%
-3.6%
Portland
133.26
-1.6%
-4.8%
San Diego
151.45
-0.9%
-5.4%
San Fran.
129.78
-1.9%
-5.5%
Seattle
132.65
-1.2%
-6.3%
Tampa
125.32
-1.1%
-6.1%
Washington
184.75
-1.1%
0.5%

h/t Calculated Risk, USA Today

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