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David Gibbons

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The Leonardo Team

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The home price slide accelerated during the first three months of 2009, according to a report issued Tuesday.The S&P/Case-Shiller National Home Price index, a bellwether of real-estate market direction, plunged a record 19.1% during the quarter compared with the first three months of 2008. That followed an 18.2% drop last quarter.The Case-Shiller 20-city index dropped 18.7% year-over-year, also a record. It fell 18.5% during the last three months of 2008. This index has plummeted 32.2% from its July 2006 peak and has fallen 32 straight months.The national index covers almost all homes sold throughout the United States and is reported quarterly, while the 20-city index reports sales in 20 major metro areas and represents a cross section of the national market. The 20-city index comes out every month."Declines in residential real estate continued at a steady pace into March," said David Blitzer, chairman of the Index Committee at Standard & Poor's in a prepared statement. "All 20 metro areas are still showing negative annual rates of change in average home prices with nine of the metro areas having record annual declines."The ugly report was somewhat unexpected, according to Mike Larson, a real estate analyst for Weiss Research."The market was anticipating better results," he said. "There had been some signs of increased sales in post-bubble markets."

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June 04 - US
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Katie Curnutte, "Katie_C"

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Zillow's Chief Economist Dr. Stan Humphries had an interesting take on Case-Shiller. In a blog post he wrote in April, he explained that the index might be overstating the declines in median home prices, thanks to its inclusion of foreclosures.
The Zillow Home Value Index doesn't include foreclosures, however, and we showed a year-over-year decline in home valuese of 14.2 percent at the end of March.
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June 04
 

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