Housing Market … No Bottom in Sight
The Standard & Poor's/Case-Shiller home price index, reported that prices of existing single-family homes in 20 major metro areas continued their rapid descent in November, down 18.2% year-over-year. The index has declined steadily for 28 consecutive months.
The 20-city composite index set a new record for price declines, down 18.2% from a year earlier, compared with October's 18.1%. The metro areas with the biggest year-to-year price declines were Phoenix (-32.9%), Las Vegas (-31.6%), and San Francisco (-30.8%).
David M. Blitzer, chairman of the index committee at S&P, said in a news release: "The freefall in residential real estate continued through November 2008. Since August 2006, the 10-City and 20-City composites have declined every month." San Diego California real estate
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Housing is nowhere near bottom. It has at least 20% more to fall to become “reasonably” priced.
San Jose Attorney
This is why I know housing is nowhere near bottom. There’s still people like this who believe housing can only go up – any downturn is just a hiccup. Heck, genius Cramer even called a bottom in 2007!!!
Fort Lauderdale Bondsmen
Three more years of drops and I’ll be able to afford one….. YEA!
San Diego Vacation Resort