Case Shiller Time Machine: May 2008

The Case Shiller Index is out again and a number of areas are looking a bit better including Denver, Atlanta, Boston, Minneapolis, Portland, and Dallas. Overall, it seems the acceleration in house price falls has come to an end. Nevertheless, home prices still fell at a record pace of 15.8% over the previous year.

Detroit is still the worst market, with prices now last seen in February 1999. Charlotte is the best market — there, prices are still rising.

Below is my chart for when you last saw the present market prices in each of the 20 Case Shiller markets.

Home prices in 20 U.S. metropolitan areas fell at a faster pace in May, indicating the three-year housing slump has not stabilized, a private survey showed today.The S&P/Case-Shiller home-price index dropped 15.8 percent from a year earlier, the biggest decline since records began in 2001, after decreasing 15.2 percent in April. The gauge has fallen every month since January 2007.

Bloomberg News, 29 Jul 2008

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