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Tuesday, March 25, 2008

House Prices Plunge, "No Market Immune"

by Calculated Risk on 3/25/2008 10:03:00 AM

From MarketWatch: Home prices fall a record 10.7% in past year

Home prices in 20 major U.S. metro areas have plunged a record 10.7% in the past year as prices continued to decelerate, Standard & Poor's said Tuesday.

The 20-city Case-Shiller home price index fell a record 2.4% in January, the 18th consecutive decline in prices. For 10 major cities, prices fell 2.3% in January and 11.4% for the past 12 months.

"No markets seem to be completely immune from the housing crisis,' said David Blitzer, chairman of the index committee at S&P.
The article mentions Charlotte is up year-over-year, but prices are now falling there too.

Here is the S&P/ Case-Shiller data. Note that the most recent data is for January, and this is NOT the Case-Shiller national index (these are prices for 20 of the largest cities, and a composite index of those cities).