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Key home price index shows record decline
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Associated Press
February 26, 2008
NEW YORK – U.S. home prices dropped 8.9 percent in the final quarter of 2007 compared with a year ago, Standard & Poor’s said Tuesday, the steepest decline in the 20-year history of its housing index.
“We reached a somber year-end for the housing market in 2007,” said one of the index’s creators Robert Shiller. “Home prices across the nation and in most metro areas are significantly lower than where they were a year ago. Wherever you look, things look bleak.”
The S&P/Case-Shiller home price indices, which include a quarterly index, a 20-city index and a 10-city index, reflect year-over-year declines in 17 metropolitan areas with double-digit declines in eight of them.
The 10-city index also set a record annual decline of 9.8 percent in December, while the 20-city index dropped 9.1 percent.
Home prices also plunged 5.4 percent from the previous three-month period, by far the largest quarter-to-quarter decline in the index’s history. The previous record was the revised 1.8 percent drop in the third quarter of 2007.
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February 27th, 2008 at 9:46 am
My daughter back in the late 90’s, paid $40,000 for a small house in the Dogtown area of St.Louis.
They needed a larger house, but made the fatal mistake of not selling their other house. That was over a year ago and no one is even interested in their small house. The problem is that the house is now worth $120,000. They have dropped the asking price to $80,000 and still no one is even interested. I’t’s really a terrific small house, good size back yard, nice basement, two bathrooms, the one in the basement has large shower area, etc. It has the best central location in St.Louis. It is easilly accessible to highways,etc. Not far from Zoo. You can walk to a lot of restaurants, and bars. But it’s in a nice neighborhood. Two years ago this would have been a steal. But not now. There are houses everywhere, with for sale signs. Last night they had a special on pets being left at these houses, and most have starved to death. This is nation wide. Hundreds of thousands of pets have been left to die. Now my daughter and her husband, has got to come up with two house payments. All they do is work. They have become slaves to the system. The housing crisis has contributed to a lot of unhappiness. People are depressed. And many have committed suicide.
While all of these home prices were plummetting, St.Louis,County decided to re-estimate home prices. My home was worth $90,000, and they rasied the estimate to $160,000. This is how evil and out of touch these politicians are. They did this to all in St.Louis, county residents. This means that taxes go up to the point where many can’t come up with the money. And if you can’t come up with the money – guess what? – you lose your house! None of the politicians are even in touch with the real crisis of the average american. No one is even discussing these problems. Ron Paul said he was for zero taxes. The tax thing, and the war are the two major problems that I care about the most. And Ron Paul is against both. That’s why we have to get Ron Paul in as President, come Hell or High Water! The people on this blog need’s to stop all their fighting. They need to take this serious. The war, the taxes, the NAU slavery, the phoney global warming garbage, and many other hoaxes, that are being perpetrated on us.
February 27th, 2008 at 9:51 am
Nobody owns a home.
February 27th, 2008 at 10:51 am
Ed of St. Lou–
I feel your pain. Why do so many people continue to believe the government is there to help them? The state is inherently evil: a basic principle of liberalism. Of course they raise property taxes. It was part of the scheme from the beginning. The banking/oil cartels control government. Their tentacles stretch into local realms. Superficial appreciation is a win/win. You work harder to pay for your home and you pay more income tax. The more you work the less time you have to participate in democracy. You truly do become a slave. But never lose hope. It is too bad Ron Paul is not a better speaker. It is easy to tell he is uncomfortable in front of large crowds. And that is more the reason why he should be the one. Plato said that no one who desires power is fit to wield it.
February 27th, 2008 at 12:56 pm
watch this http://video.google.ca/videopl.....;plindex=1
February 27th, 2008 at 2:54 pm
ed of st louis—
YOUR daughter IS the problem! she bought a house at 40k and is only dropping the asking price to 80k!! her ignorant GREED is what drives these boom/bust cycles – she will sell the house when she drops it down to what it’s REALLY worth: $40k!!!!! (or less)
housing values never went up, they just inflated – now that credit is tighter the price must come back to ‘normal’ – tell her to drop back down to $40k and it will sell – - end of story…
February 27th, 2008 at 5:47 pm
think back to the great depression. didn’t a media mogul hype a crash so he could buy up banks and stocks? Well what do you think this is all about? The banks artifically inflated prices, got everyone in 30 yr loans and then crash the market. so everyone that has paid for 5, 10 20 years that now can’t pay gives the bank back the house and all the money for the years of paying. Once they’ve weeded everyone out, gotten as much as they can then the value will zoom back up and they’ll make a killing. not to mention that property taxes manage to increase even though the house values have plummeted. Go figure, theives on theives. The states should be feeling a HUGE tax crunch from the devalued homes, but they aren’t. f---ing thieves. If they were, then I bet this would be over with before you could blink and some of these bankers would be in jail.
February 27th, 2008 at 9:58 pm
Usury as a tool of Global Domination and Slavery.
February 28th, 2008 at 5:40 am
Ed of St’ Louis, your daughter does need to dump the other house. Tell her to sell it for 50K or rent it. The other option is bankruptcy. They will loose the 2nd house, but keep their residence, and get out from all that debt. Bankruptcy is not a failure, it’s a chance to recoup. Your credit report isn’t as important as your sanity. Best of luck to your daughter and her family.
February 28th, 2008 at 6:43 am
As everybody knows if there is a great demand of something the prices always goes up, in our case the prices went down and it only means that people can`t work it out to own a house. We are covered now by so many possibilities to take mortgage but for some it`s not a proper solution as they suffer from a lot of expenditures. As a realtor in Toronto I know that people treat the housing question as their social goal and the renting option is favourable only for young couples and just for a short period of time.
March 3rd, 2008 at 9:37 pm
I’d just love to see a small 3 bedroom house built out here in California. The houses out here are outrageous. They are 5+ bedrooms (3-4 bathrooms, 2-4 car garages) and cost over $500,000 (no matter what county they are in). These huge houses are just big ugly stucco pieces of crap that most people can’t afford.