For some reason, the Case Shiller PDF keeps showing a
404 error fixed.
chart courtesy of S&P
Here is a quick overview via my pal Peter Bookvar:
The April S&P/Case-Shiller Home Price Index of 20 cities fell 15.3% y/o/y, a touch better than the expectations of a 16% decline but its still the biggest drop on record with this survey. All 20 saw y/o/y declines with the worst being in Las Vegas, Miami, Phoenix, LA, San Diego and San Francisco. The weakness in these markets are obvious to us all and not surprising, but the degree of further weakness remains the question. New York fell 8.4% and Boston fell 6.4%. Charlotte had the smallest y/o/y decline, falling .12%. This measurement includes both conventional and jumbo loans. OFHEO HPI that is out at 10am will include just conventional but will measure more markets.
More later . . .
Steep Declines in Home Prices Continued in April 2008