Interest Rate Roundup

Tuesday, November 25, 2008

S&P/Case-Shiller: Home prices down 17.4% YOY in September

The latest figures from S&P/Case-Shiller show home prices are continuing to fall. Not much of a surprise there, of course, but what is noteworthy is the re-acceleration in the monthly decline in home prices. The 20-city index dropped 1.85% in September. That compared to a 1.05% decline in August, a 0.86% drop in July and a 0.49% fall in June. The year-over-year decline in the index came in at 17.4%, another record decline and up from 16.6% in August.

Prices fell on a monthly basis in all 20 cities in the index. On a year-over-year basis, the biggest declines were in the same regions as before -- Florida, California, Arizona, Nevada, and so on. Phoenix was the worst market at -31.9% YOY, followed by Las Vegas at -31.3% and San Francisco at -29.5%.


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