Re: Home prices drop by record 15.8 pct. in May

On Tue, 29 Jul 2008 14:54:00 -0400, Observer wrote:

On Tue, 29 Jul 2008 12:10:31 -0400, Bob Brock <bbrock@xxxxxxxxxxxxxx>
wrote:

http://biz.yahoo.com/ap/080729/home_prices.html?.v=10

NEW YORK (AP) -- Home prices tumbled by the steepest rate ever in May,
according to a closely watched housing index released Tuesday, as the
housing slump deepened nationwide.

The Standard & Poor's/Case-Shiller 20-city index dropped by 15.8 percent
in May compared with a year ago, a record decline since its inception in
2000. The 10-city index plunged 16.9 percent, its biggest decline in its
21-year history.

No city in the Case-Shiller 20-city index saw price gains in May, the
second straight month that's happened. The monthly indices have not
recorded an overall home price increase in any month since August 2006.

Home values have fallen 18.4 percent since the 20-city index's peak in
July 2006.

Nine metropolitan cities -- Las Vegas, Miami, Phoenix, Los Angeles, San
Diego, San Francisco, Seattle, Wash., Portland, Ore., and Washington,
D.C. -- posted record declines in May. And the value of housing in
Detroit is now lower than it was in 2000.

(...)

Actually the article is misleading, the 15.8% is YOY instead of just one
month. Still a big drop for a year, tho. IMO YMMV.



__

Peak oil? I dunno.

Obama vs McCain? PEAK BULL***!

But the Bushbots claim the economy is just peachy!

-- Regards, Curly
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