I’ve been putting together a longer post called “Residential Real Estate: The Second Leg Down.”
Today’s Case-Shiller Home Price Index confirms that a softening of residential sales and prices is already under way. It is likely to accelerate over the next few quarters.
Here is Case-Shiller:
Data through March 2010, released today by Standard & Poor’s for its S&P/Case-Shiller Home Price Indices, show that the U.S. National Home Price Index fell 3.2% in the first quarter of 2010, but remains above its year-earlier level.
In March, 13 of the 20 MSAs covered by S&P/Case-Shiller Home Price Indices and both monthly composites were down although the two composites and 10 MSAs showed year-over-year gains. Housing prices rebounded from crisis lows, but recently have seen renewed weakness as tax incentives are ending and foreclosures are climbing.
The First Quarter of 2010 Indicates Some Weakening in Home Prices
New York, May 25, 2010