djc
12-26-2007, 08:37 AM
S&P/Case-Shiller index of 10 major cities fell 6.7% in October. Housing markets remain 'grim.'
NEW YORK (CNNMoney.com) -- Home prices fell 6.7 percent in October, compared with a year ago, according to the S&P/Case-Shiller 10-city home-price index, a record drop as housing markets continued to deteriorate.
It was the largest drop in more than 16 years and marked the 10th consecutive month of price depreciation and 23 months of decelerating returns.
"No matter how you look at these data, it is obvious that the current state of the single-family housing market remains grim," said Robert J. Shiller, chief economist at MacroMarkets in a release.
Case-Shiller's 20-city index fell 6.1 percent. Shiller noted that 11 of the markets in the 20-city index posted a record fall.
Some economists are beginning to lower their expectations for housing markets, predicting a longer and deeper price slump (http://money.cnn.com/2007/12/19/real_estate/steeper_price_slump/index.htm?postversion=2007122116) than they had previously forecast.
http://money.cnn.com/2007/12/26/real_estate/Case_Shiller_down/index.htm?cnn=yes
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Nothing here that isn't expected, but interesting nonetheless. Buying a house today qualifies one as a knife catcher. It will be 5+ years before the market rebounds. Buying now will guarantee a loss in equity, most likely before escrow closes!
NEW YORK (CNNMoney.com) -- Home prices fell 6.7 percent in October, compared with a year ago, according to the S&P/Case-Shiller 10-city home-price index, a record drop as housing markets continued to deteriorate.
It was the largest drop in more than 16 years and marked the 10th consecutive month of price depreciation and 23 months of decelerating returns.
"No matter how you look at these data, it is obvious that the current state of the single-family housing market remains grim," said Robert J. Shiller, chief economist at MacroMarkets in a release.
Case-Shiller's 20-city index fell 6.1 percent. Shiller noted that 11 of the markets in the 20-city index posted a record fall.
Some economists are beginning to lower their expectations for housing markets, predicting a longer and deeper price slump (http://money.cnn.com/2007/12/19/real_estate/steeper_price_slump/index.htm?postversion=2007122116) than they had previously forecast.
http://money.cnn.com/2007/12/26/real_estate/Case_Shiller_down/index.htm?cnn=yes
--------
Nothing here that isn't expected, but interesting nonetheless. Buying a house today qualifies one as a knife catcher. It will be 5+ years before the market rebounds. Buying now will guarantee a loss in equity, most likely before escrow closes!