Home Prices Drop Further in October 2008

Home Price Index 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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