The April S&P/Case-Shiller Home Price Indices are now out.



The index shows show annual declines in the prices of existing single family homes across the United States continued to worsen in April 2008, with all 20 MSAs now posting annual declines, 13 of which are posting record low annual declines, and 10 of which are in double-digits.







The 10-City Composite posted a new record low of -16.3%, and the 20-City Composite recorded a record low of -15.3%. All 20 MSAs are now showing declines with Charlotte, the last holdout during the 2007/early 2008 period, now reporting an annual decline of 0.1%.

Mish, it's TC here and it's now been 2 months since I last provided you with a Case-Shiller update. Here is the latest data based upon the today's futures market and today's Case-Shiller data release.



As you've now seen in the media press releases, prices have continued lower and we're now back to late 2003/early 2004 prices in many areas. What you may not hear in the media however is the pure dollar amounts of the losses (e.g. $270k in LA) and that the futures market is increasingly making a bet that mid to late 2010 will mark the housing bottom.



This is in stark contrast to the bets of just 4 months ago when a bottom forecast for 2013. An interesting fact about this market timing change is that projected percentage decline has not changed. In other words the futures market is pricing in an identical magnitude loss, but just for it to happen much faster.

To Scroll Thru My Recent Post List