I’ve spoken about the Case Shiller Index many times on this blog; so, I’m not going to bore you with the usual introduction. Standard & Poor’s announced yesterday that this home- price index is still falling. However, it’s more serious than that. The Case Shiller Index is plummeting at an astounding rate not seen for decades! This means that home prices around the country are still going down and are expected to drop even more as the year goes on. An entry on bubblemeter.com also touched on this issue. This blog expects a “further deceleration in the annual growth rates in 13 of the 20 MSA’s and the 10- and 20-City Composites compared to the December 2010 report.”
The statistics make it clear that the housing market is still in shambles. The numbers don’t lie. Overall, the index is down 7.5% compared to January 2010. The index even set a record: the condominium index is down 13.9% from January 2011—the largest year- to- year drop since the index was established. Even with all the efforts, a sustained recovery seems like just a dream for now.
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