Case Shiller Time Machine: May 2008


The Case Shiller Index is out again and a number of areas are looking a bit better including Denver, Atlanta, Boston, Minneapolis, Portland, and Dallas. Overall, it seems the acceleration in house price falls has come to an end. Nevertheless, home prices still fell at a record pace of 15.8% over the previous year.

Detroit is still the worst market, with prices now last seen in February 1999. Charlotte is the best market — there, prices are still rising.

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Below is my chart for when you last saw the present market prices in each of the 20 Case Shiller markets.

Home prices in 20 U.S. metropolitan areas fell at a faster pace in May, indicating the three-year housing slump has not stabilized, a private survey showed today.The S&P/Case-Shiller home-price index dropped 15.8 percent from a year earlier, the biggest decline since records began in 2001, after decreasing 15.2 percent in April. The gauge has fallen every month since January 2007.

Bloomberg News, 29 Jul 2008

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