Interest Rate Roundup

Tuesday, May 27, 2008

March S&P Case-Shiller index: Down 14.4%

No surprise: The latest S&P/Case-Shiller figures show that home prices are still falling, and that the rate of decline is increasing (PDF link) at an ever-faster rate. In the month of March ...

* Prices fell 2.2% from February in 20 major U.S. metropolitan areas. Prices were off 14.4% from a year earlier. That was worse than the 12.7% drop in February and the 10.6% decline reported in January. This is the biggest decline so far for the monthly index, which was first published in 2001.

* The 10-city index has a longer history. It declined 15.3% year-over-year in March. That was worse than the 13.5% drop in February and the worst since S&P started tracking in the late 1980s.

* Prices fell from year-ago levels in all but one of the 20 cities that the group tracks. The biggest declines were found in Las Vegas (-25.9%), Miami (-24.6%), Phoenix (-23%), and California (-20.2% in San Francisco, -20.5% in San Diego, -21.7% in Los Angeles). The only metropolitan area showing a gain was Charlotte at +0.8%.


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