Today brought us the next installment of the S&P/Case-Shiller Home Price Index showing continued year over year price declines to the end of March 2007. The Spring housing market is apparently not firming up this year in major cities around the US. Index founder Robert Shiller said that the negative price trend as yet shows no signs of bottoming. The index comes out on a 2 month lag, so April and May's numbers will be released at the end of June and July.
It is noteworthy that the last time the national composite of this index dipped into the present range was during the 1990-91 housing led economic recession. It is also noted that the 10-city and 20-city composites have so far moved in apparent lock-step with the national decline, suggesting that this time the housing market declines are particularly correlated across the country.
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