Monday, May 9, 2011

Home Values Suffer Largest Decline Since 2008, Dropping For 57 Consecutive Months, No Bottom

Home values suffered the largest decline in Q1 since 2008, making it appear that there is yet no bottom in sight. This is crucial for the recovery.

Home values dropped 3% in Q1, and 1.1% in March from February. There is still a very significant number of foreclosed homes on the market. This, according to, who also say that prices have dropped for 57 consecutive months, according to Zillow.

Zillow is not the only index showing very bad numbers. The Case-Shiller index published by Standard & Poor's shows that prices climbed from April 2009 until last summer, but then resumed falling when tax credits expired and are about to reach new lows.
Very bad news for the recovery.

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