Home Prices Drop Further in October 2008
Today the new Case Shiller home price index values were published:
Top 3 annual declines:
1. Phoenix 33%
2. Las Vegas 32%
3. San Francisco 31%
Top 3 monthly declines:
1. San Francisco 4.18%
2. Minneapolis 3.42%
3. Tampa 3.39%
On average home prices are still around 2004 levels. The way toward 1999 levels is wide open and there can’t be any doubt that home prices will keep falling throughout 2009 until they reach pre-bubble levels, before the most recent business cycle was started by excessive credit expansion.
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Related posts:
- Home Prices – November 2008
- Home Prices January 2009
- Home Prices – May 2009 – Beginning to Bottom Out?
- Home Prices – April 2009
- Home Prices – February 2009
- Home Prices – March 2009
- Home Prices at 5 Year Low
- Home Prices – June 2009
- Home Prices – July 2009
- Consumer Prices September 2009 – Real Prices Down 4.7%
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