Today Standard and Poors released the S&P Case-Shiller Home Price Index. The Composite-10 fell 2.37% in March 2008 compared to February 2008 and is down 15.30% compared to the previous year. The CME Futures market is pricing in a further decline of 12.14% over the next year (March 2009).
Charlotte and Dallas home prices increased last month compared to the previous month. Out of the 20 cities in the Composite-20 only Charlotte is positive year over year. 8 cities out of the 20 cities are now down over 20% from their peak.
From 1890 to 2000, home prices were relatively flat when adjusted for inflation. The CME Futures market is now pricing in for the home price index to return close to its long term average by the end of 2009.
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