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Tuesday, October 30, 2007

Case-Shiller: Price Declines Accelerate in August

by Calculated Risk on 10/30/2007 11:17:00 AM

The S&P Case-Shiller Home Price index was released this morning for August 2007. The index showed that home price declines accelerated in August, with U.S. prices declining 4.5% over the last 12 months, and at a 8.5% annual rate in August.

S&P Case Shiller Home Price IndexClick on graph for larger image.

The first graph shows the S&P Case Shiller home price index since 1987.

Prices are now 5.3% below the peak in June 2006.
Year Over Year, S&P Case Shiller Home Price Index
The second graph shows the year-over-year change in the Case-Shiller index.

Over the last 12 months, U.S. home prices have declined 4.5% according to Case-Shiller.
The largest percentage price declines for the current housing bust will probably happen over the next couple of years.