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Home Prices Should Continue Their Spectacular Fall
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Tuesday, 31 March 2009
By Andrew Gordon
The highly regarded S&P/Case-Shiller home- price index comes out this morning. Last month it reported that home prices for December had dropped 18.55 percent from a year earlier, a record decline.
The 20-city index also dropped 2.52 percent from November, the month before. The 10-city index dropped 2.31 percent from the month before.
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Last week the Census Bureau reported that the median sales price of new houses sold in February 2009 was $200,900. In January it was $206,800.

Foreclosures are increasing – pushing prices down. The economy continues to lose over 600,000 jobs per month – pushing housing prices down.

There’s been a surge of new mortgage loan applications. It could offset some of these bearish trends on home prices, except the preponderance of new loans is for refi’s and not buying homes.

The housing market shows no sign of coming out of its freefall. I expect today’s numbers will mark another record low.
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