Democratic Underground - S&P/Case-Shiller May 20-City Home-Prices Fall 15.8%

S&P/Case-Shiller May 20-City Home-Prices Fall 15.8% [View All]

harry123

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Tue Jul-29-08 09:03 AM
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S&P/Case-Shiller May 20-City Home-Prices Fall 15.8%

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Source: Bloomberg News

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.

Stricter loan rules, rising mortgage rates and an increase in foreclosures are making it more difficult for prospective buyers to get financing, hurting home sales. The prolonged real-estate slump, along with higher fuel prices a shrinking job market, is weighing on consumers and the economy.

Read more: http://www.bloomberg.com/apps/news?pid=20601110&sid=a1ikgtmfigTw

No comment for now. I might post the data in a graph on my blog www.creditwritedowns.com later.

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S&P/Case-Shiller May 20-City Home-Prices Fall 15.8% [View All]