The real estate downturn is picking up speed again. After months of slowed-down price drops that hopeful commenters pegged as signs of a bottom, the third quarter saw record year-over-year price decreases of 16.6%, according to the S&P/Case-Shiller Home Price Index.
Case-Shiller calculated that third quarter prices fell -3.5% against the second quarter; the second quarter had fallen -2.2% versus the first quarter. Month-to-month figures do not auger well for those hoping for firmer home markets going forward. Between August and September home prices fell -1.85%, the fastest clip of the past six months. Prices only fell -0.49% between April and May, giving some real estate watchers hope that the declines were declining.
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Monday, December 1, 2008
Home Prices Snowball
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