The S&P/Case-Shiller Home Price Indices were released today reflecting data through February 2008. The Composite-10 declined by 2.80% in February 2008 compared to the previous month and is down 13.56% year over year. The index has now fallen at its fastest pace ever setting new records for declines for five consecutive months.
Charlotte is the lone city to post a positive gain year over year. However, Charlotte has been declining for 6 months in a row. Even if prices were to stay the same for the next two months, the year over year change for Charlotte would turn negative for the April 2008 numbers. Charlotte was at 214.97 in April 2007, it peaked at 221.32 in August 2007 and now is at 213.73. 8 out of the 20 cities are now down over 20% from their peak (Los Angeles, San Diego, San Francisco, Miami, Las Vegas, Phoenix, Tampa, and Detroit).
The CME futures are pricing in another 10.04% decline over the next 12 months for the Composite-10.
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