Wednesday, 25 June 2008

US Home Prices Continue to Slide

As expected home prices continue to correct in the US according to the latest data from the S&P Case-Shiller Home Price Index, from S&P;

Steep Declines in Home Prices Continued in April 2008 According to the S&P/Case-Shiller Home Price Indices

Data through April 2008, released today by Standard & Poor’s for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, show annual declines in the prices of existing single family homes across the United States continued to worsen in April 2008, with all 20 MSAs now posting annual declines, 13 of which are posting record low annual declines, and 10 of which are in double-digits.

From their peak prices for the 20 city composite are down -17.8%. On the positive side;

One possible bright side to the annual figures is that three
MSAs – Chicago, Cleveland and Denver – while still negative, showed some imprannual figures over those reported last month...

...Looking at the monthly statistics, eight areas were positive for the April-over-March reading.

The above chart shows all 20 cities in the survey. There are so many colours it's tough to see which city is which but I like to post it anyway just because it's a good piece of chart porn.


Deano said...

Would be good to watch your old mate Brian Wesbury factor this data (along with the poor consumer confidence figure from overnight) into his 3.5% growth rate predictions for the second half of the year.
Perhaps CNBC could have a live feed to Joe Battapaglia and Brian Wesbury as the data is released. The subsequent savaging unleashed by Joe B and the embarrassingly irrelevant tissue-defense mumblings of Wesbury would be a ratings winner with viewers who enjoy a bit of schadenfreude with their finance news.

The Fundamental Analyst said...

I'd pay money to see that. Interesting that the bottom callers were back in force again proclaiming the a bottom in housing because prices stopped declining in a few locales. One day they'll be right of course.