Case-Shiller off Big in Q1
May 27, 2008 – 9:16 amOff the wires 10 minutes ago:
NEW YORK - A closely watched housing index shows U.S. home prices dropped at the sharpest rate in two decades during the first quarter.
Case-Shiller said Tuesday its U.S. National Home Price index fell 14.1 percent in the first quarter compared with a year earlier, the lowest since its inception in 1988.
Its narrower indices also set record declines. The 20-city index tumbled 14.4 percent during the quarter, the lowest since that index was started in 2001. The 10-city index plunged 15.3 percent, a record in its 20-year history.
“There are very few silver linings that one can see in the data. Most of the nation appears to remain on a downward path,” said David Blitzer, chairman of S&P’s index committee.
Yes, low interest rates can keep prices from falling as low as they otherwise might, but sky-high inventories will insure the trend stays negative for some time.
Posted in housing |
One Response to “Case-Shiller off Big in Q1”
Real fantastic model. Somebody should use this model for others markets like Spain, Britain and Eastern Europe. The model has great predictive capacity. Great scientific work.
By Marc Authier on Jun 3, 2008