S&P/Case-Shiller Index: Home prices in the US declined by 3.2% from a year ago
Real Estate August 28th, 2007
The S&P/Case-Shiller U.S. National Home Price Index, a much more accurate measure of home prices reported today that home prices accross the US are down 3.2% from a year ago.
According to cnbc.com:
Home prices across the nation declined by 3.2% in the second quarter from a year earlier, suggesting the housing downturn has deepened, according to the S&P/Case-Shiller U.S. National Home Price Index.
The national index, which measures all nine U.S. Census divisions, fell to 183.89 last quarter from 189.93 in the same period in 2006, S&P said in a statement.
“This number may still not be at its lowest,” Maureen Maitland of S&P told CNBC. “Many people, including Standard & Poor’s economists, expect further declines in home prices throughout the year. They’re looking for the bottom to go through the end of the year and turn around in 2008.”
“The last time we saw something like this was more than 15 years ago in 1991,” Maitland said in an interview on “Squawk Box.”
Look at the S&P/Case-Shiller U.S. National Home Price Index report
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