Bad Housing News
Posted by Michael Link on April 29, 2008 at 02:32 PM
Or, as it's known these days, "housing news."
Prices of homes are at a record decline, according to the S&P Case/Shiller Home Price Index. According to the survey, home prices dropped by 12.7% over a year, making this the largest drop in prices on record (they started tracking in 2000).
More:
"There is no sign of a bottom in the numbers," S&P spokesman David M. Blitzer, said in a prepared statement. "Prices of single family homes continue to drop across the nation.""This is huge," said Dean Baker, an economist with the Economic Policy Institute. "Back a couple of years ago, people were saying, 'Housing prices are not like stocks; they change slowly,'" he said.
But the drop in home prices appears to be accelerating. Indeed, Baker said that at the rate prices are falling, as much as $6 trillion in home values could be wiped out from the top of the market in June, 2006, through the end of this year.
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