Posted on 10/30/2007 9:24:18 AM PDT by Hydroshock
NEW YORK (AP) -- U.S. home prices fell nationwide in August for the eighth consecutive month, according to the S&P/Case-Shiller index released Tuesday.
And things could get worse, said Yale economist Robert Shiller, who helped create the index.
"There is really no positive news in today's report," said Shiller, chief economist for MacroMarkets, which collaborated with S&P on the indicator.
Home prices as measured by the index have fallen more every month since the beginning of the year. August is the 21st month of decelerating returns.
An index of 10 U.S. cities fell 5 percent in August from a year ago. That was the biggest drop since June 1991. The lowest ever was a decline of 6.3 percent in April 1991.
A broader index of 20 cities fell 4.4 percent in August over last year, with 15 of 20 cities reporting that prices fell.
(Excerpt) Read more at money.cnn.com ...
Economy/Credit/Housing Ping List
If you want on or off this list let me know.
on please
I want to buy a house in late 2008, so quite frankly, am hoping that it keeps dropping.
That’s funny, I just sold my condo. It took two weeks. I made a 300% profit.
More doom and gloom please. I can’t get enough of it.
Prices are still up over 2004 or previous levels. If you bought before 2004 most people will be OK.
Now I know why you’re headed towards a refrigerator-box home...You’re here when you should be working...
More doom and gloom please. I can’t get enough of it.
Personal anecdotes are irrelevant. Home prices are going down, and will continue to go down. There will, of course, be exceptions, such as your condo. Perhaps the OP just wants to protect people from making a horrible financial decision, such as buying a house in an overinflated market.
The Carolinas are not experiencing the pain that others are feeling. The folks up north are hurtin’ gators.
It’s booming in most of the Carolinas. All the folks from MA, NJ and NY have moved down and the halfbacks are invading.
*Halfbacks are those who moved to Florida and couldn’t take the heat so they moved halfway back north.
The industry wants their own version of farm subsidies.
When I suck at my job — I am fired like I should be.
That doesn’t seem to apply to these businessmen. They think they’re entitled to government bailouts, special work visas for non-citizens, ... anything but actually finding another job for themselves.
“There is really no positive news in today’s report,” said Shiller, chief economist for MacroMarkets, which collaborated with S&P on the indicator.
Guess the MSM will lead with this then!
It’s about time this happened.
Housing prices have been ‘way too high for at least three years, and housing inflation has been ridiculous. Maybe people will be able to afford to buy a home again some day.
I am working. It’s easier to Freep while on hold than it is to get actual work done.
I can wait.... its just me and 4 females in a 900Sf rent house. (with one bathroom)—— no worries.
I’m eagerly waiting for the mail to arrive with my revised property tax bill. Since house values have plummeted, my property tax will go down too right? right? right? Bueller?
“It’s easier to Freep while on hold than it is to get actual work done.”
Dang, Hiring?
Me too! Freep-Mail me your address. I’ll send my resume.
Consumers hurt worst... oh wait a minute... nevermind!
LLS
I bought a house in March, right before the prices started to drop.
I sold a house in June...it sold to the first people who looked at it, so I probably could have gotten more.
But, I’m in southwest Missouri and a 2300 sq. ft. house on 5 1/2 acres of prime land is only $220,000K!
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