Today the latest S&P/Case-Shiller Home Price Index fulfilled my expectations with an accelerated decline of -12.7% Y/Y in February, down from -10.7% Y/Y in January.
The Composite-10 index was even worse at -13.6% Y/Y, down from -11.4% Y/Y in January.
On a regional basis, it should be no surprise that the cities in the South and Southwest regions of the U.S. are faring the worst, with Las Vegas home prices leading the pack at -22.9% Y/Y. “There is no sign of a bottom in the numbers,” says David Blitzer, Chairman of the Index Committe at Standard & poor's.” You can see the full report here.
If there is no bottom yet in sight for housing, I can't see the bottom yet in sight for this economic downturn.
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