The Case-Shiller report is out for November home prices and it paints the usual grim picture. Here is a summary from the WSJ Real Time Economics site.
The indexes showed prices in 10 major metropolitan areas fell 19.1% in November from a year earlier and 2.2% from October. The drop marks the 10-city index’s 14th-straight monthly report of a record decline. In 20 major metropolitan areas, home prices dropped 18.2% from the prior year, also a record, and 2.2% from October.
As of November, the 10-city index is down 27% from its mid-2006 peak and the 20-city is down 25%. The two indexes have fallen every month since August 2006, 28 straight.
Believe it or not there was a germ of good news in the report. The 10 city composite index fell at a year-over-year rate of 19.1% which was the same as the rate of decline in October. That’s the first time since prices started declining that we haven’t seen an increase in the rate of decline. I know it doesn’t sound like much but you can’t start recovering until you stop declining. Hey, it’s early in the day so I stll have some morning optimism.
Here are the numbers for individual cities and here is the link to the actual report.
(About the numbers: The Case Shiller indices have a base value of 100 in January 2000. So a current index value of 150 translates to a 50% appreciation rate since January 2000 for a typical home located within the metro market.)
Home Prices, by Metro Area
|Metro Area||November 2008||Change from October||Year-over-year change|