Broad declines in home prices continue
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Decline in home prices continued for the first half of 2008 as S&P reported data through June 2008 for its S&P Case-Shiller 1 Home Price Index, a measure of U.S. housing market. Home price declines have prevailed throughout 2007 and the trend continues in 2008.
The decline in the index remained in double digits. With a 15.4% decline in the second quarter of 2008 versus the second quarter of 2007, the index fared worse than the 14.2% decline in Q1 of 2008.
The 10-City and 20-City Composites also set new records, with annual declines of 17.0% and 15.9%, respectively. However, it should be noted that the acceleration in decline was only moderate in June. The May numbers reported annual declines of 16.9% and 15.8%, respectively.
At the national level, the housing market peaked around June/July of 2006. As of June 2008, two years later, the 10-City Composite has fallen by 20.3% and the 20-City Composite is down 18.8%.
