Interest Rate Roundup

Tuesday, October 28, 2008

S&P/Case-Shiller: Home prices down 16.6% YOY in August

We just got the latest housing market figures (PDF link) from S&P/Case-Shiller for the month of August. They showed ... surprise, surprise, that house prices are continuing to fall. Specifically ...

* Prices in 20 top U.S. metropolitan areas fell 1.03% between July and August. That compared with a 0.88% fall in July. It was also the biggest monthly decline since April (-1.28%)

* The year-over-year decline in the index came in at -16.6%. That was worse than the 16.3% drop in July and the worst fall on record.

* Every market in the 20-city index showed a YOY drop in prices, ranging from -30.7% in Phoenix to -2.66% in Dallas. On monthly basis, two markets showed a gain -- Cleveland at +1.07% and Boston at +0.1%. San Francisco notched the biggest loss at -3.48%.


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