Tuesday, October 30, 2007
Further weakening in home prices according to the S&P Case-Shiller Home price Indices
Now recall. We're only up to August data. That's when the 'mortgage crisis' started. September and October were far weaker markets based on the seasonally adjusted annual rate (SAAR) of home sales. Basically, most markets are dropping at near 1% per month! That's huge. But its accelerating.
If you want to know your city's future, look at Tampa, Miami, or San Diego. Recall that August is traditionally a STRONG sales month! What about the traditionally weak sales months (October through February)? Well... we won't find out about October for sixty days. So be patient. This is a multi-year downturn.