Yesterday, the S&P/Case-Shiller home-price index dropped 10.7 percent from January 2007, after a 9 percent year-on-year decrease through December 2007. This gauge has fallen for 13 consecutive months! The index was created by Robert Shiller, chief economist at MacroMarkets LLC and a professor at Yale University, and Karl Case, an economics professor at Wellesley College.
Joe LaVorgna, chief U.S. economist at Deutsche Bank Securities Inc. in New York said: "The tremendous price weakness is likely to be a factor that significantly depresses consumer spending.'' Martin Feldstein, a Harvard economist said he thought the current downturn would be the worst since World War II.
California-based RealtyTrac Inc of Irvine Ca, released a report that showed home foreclosure filings jumped 60 percent and bank seizures more than doubled in February.
Home prices in Las Vegas and Miami fell the most of any region, at 19.3 percent year-over-year. Phoenix, San Diego and Los Angeles also suffered double-digit drops. The San Diego one year drop was 16.7% according to Case-Shiller. San Diego downtown condominiums
Geat Information I really like to see whats going on in other parts of the country. Best source is the agents of those areas….Keep blogging.
Julie Elliott of Austin TX
Wow, it’s really interesting to see it all on one big graph.
To top it all off—soon to be exPres George W Bush will be leaving U.S. with a $10trillion dollar debt to be paid with declining home prices. Give me back Clinton’s 90s balanced budget economy any time compared to the nutz currently running Washington.
Christina
San Diego California Law
So how bad is it? I hear all these ramblings, fancy financial terms and so on. But what does it all really mean? Does the US collapse? Do we see soup lines and down trodden people like the experience was during the Great Depression? Seems to me the US financial catastrophe is pretty simple. Our government and the citizens of the US have consistently spent more than they take in. At some point the debt becomes so great we are unable to pay it back, or manage it. When we are no longer able to pay our debts what happens? Do we surrender assets, land and military hardware to the foreign nationals we’ve been burrowing money from over the last two decades? Maybe a fire sale of America? The whole system is a sham and we only have ourselves and those shysters in Wall Street and the Scum of Washington DC to blame..Sorry to say but, neither McCain, Clinton nor Obama will be able to save us from this SNAFU. The concept of uncontrolled spending and deficit through credit has finally caught up with us. This decade is perhaps a time for reckoning in which our short sighted ways and embrace of Wall Street’s psychopathic free market capitalism garnered by greed and unequaled corruption will finally get the best of us..
Mike
San Diego County Lasik Surgery
A house is worth no more than what someone is willing to pay you for it. No buyer? Value = $0. House prices have held steady throughout the past 100 years in the US at 3x median income of whatever area you study… because every house you build must be affordable to the workers within the surrounding area.
Bailey
San Diego California Cosmetic Surgeons