by Calculated Risk on 7/31/2007 10:34:00 AM

From MarketWatch: Home prices fall further in May, Case-Shiller says

The Case-Shiller 20-city index fell 2.8% compared with a year earlier, S&P said. ... "At a national level, declines in annual home price returns are showing no signs of a slowdown or turnaround," said Robert J. Shiller, chief economist at MacroMarkets LLC., and the co-inventor of the price index.

The typical pattern for a housing bust is small steady real price declines over several years, so this is probably just the beginning of the price declines.

The closely watched OFHEO House Price Index is schedule to be released August 30th for Q2.