This mornings S&P/Case-Shiller home price index (October data release) shows housing prices continue to slide downward.
The Case-Shiller index of the top 20 metropolitan areas reports new record declines. From the peak in the Summer of 2006 prices have now fallen nearly 25%. The drop in prices from September to October was an additional 2.2%.
Detroit was at the top of the list with a 4.5% drop from the previous reporting period. Atlanta, Charlotte, Detroit, Minneapolis, Tampa, and Washington had their largest monthly declines on record.
My personal predictions remain firm… Housing prices will decline to historical averages which would mean a 44%-50% price decline before the market stablizes. But, we know the Government is ‘trying’ to prop up prices by blowing air into the deflating bubble. In the end it will be a futile effort.
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