Case-Shiller: 2008 Home Prices Hit Record Declines

girl gone mad

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Tue Feb-24-09 05:22 PM
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Case-Shiller: 2008 Home Prices Hit Record Declines

Case-Shiller: 2008 Home Prices Hit Record Declines
http://www.ritholtz.com/blog/2009/02/case-shiller-2008-home-prices-hit-record-lows/">The Big Picture

Data through December 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 that the prices of existing single family homes across the United States continue to set record declines, a trend that prevailed throughout all of 2007 and 2008.

The decline in the S&P/Case-Shiller U.S. National Home Price Index declined 18.2% in Q4 2008 (vs Q4 2007); this was the largest in the data series’ 21-year history.

Year over year, the 10-City Index fell 19.2%, and the 20-City Composite fell 18.5%.

http://www.ritholtz.com/blog/2009/02/case-shiller-2008-home-prices-hit-record-lows/">More...

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Arctic Dave

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Tue Feb-24-09 05:27 PM
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1. I not even sure I'd ski down something that steep.

Holy Schmooly.

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ixion

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Tue Feb-24-09 05:56 PM
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2. a cliff by any other name

Edited on Tue Feb-24-09 05:56 PM by ixion

of course, this is to be expected. Housing prices were outrageously over-valued.

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EmeraldCityGrl

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Tue Feb-24-09 08:42 PM
Response to Reply #2

3. Were they? To this extent?

There seems to be a lot of missing data. Previous housing bubbles have not looked like this.

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ixion

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Tue Feb-24-09 09:51 PM
Response to Reply #3

4. When $150k houses are selling for $450k

there's a real problem. I looked at dozens of houses in those years, if only to stay in touch with the market. The housing bubble concerned me from the beginning, because it's a core component. Inflating a core component is not wise. In any case, though, there was massive inflation. Just look at the houses Dr. Housing Bubble was displaying. It was insane.

And it was all on the equivalent of a credit card. How is that not a recipe for disaster?

The fact that we haven't seen this steep a drop before indicates the magnitude of the inflation.

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