Interest Rate Roundup

Tuesday, June 24, 2008

April Case-Shiller data: 15.3% YOY drop in prices

I hate to sound like a broken record. But the latest S&P/Case-Shiller figures show that home prices are still falling. In April ...

* Prices fell 1.36% from March in 20 major U.S. metropolitan areas. That was actually an improvement from the 2.17% decline in March. However, the year-over-year decline in prices came to 15.3%, worse than the 14.3% drop in March. That's the largest decline so far for the monthly index, which was first published in 2001.

* The 10-city index has a longer history. It declined 16.4% in April, compared with 15.3% in March. That's the worst reading since S&P started tracking in the late 1980s.

* Also worth noting: The price declines are broadening out. Prices fell from year-ago levels in every single one of the 20 metropolitan areas the group tracks. The biggest declines were found in Las Vegas (-26.8%), Miami (-26.7%), Phoenix (-25%), and California (-22.2% in San Francisco, -22.4% in San Diego, and -23.1% in Los Angeles). Charlotte had been the lone holdout, but it slipped slightly into the red in April (-0.1%).


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