Skip to: Content
Skip to: Site Navigation
Skip to: Search

October 10, 2008 3:52:14 PM CDT

Learn about Newser Points »

« Back to the grid | Next story »

Home Prices Suffer Record Quarterly Drop

Posted Nov 27, 07 1:41 PM CST in US,  Business 

(Newser) – The housing slump deepened in September as home prices plummeted, posting a record 4.5% decline from third quarter 2006 to third quarter 2007, Marketwatch reports. The 1.7% decline from the second to the third quarter was also a record in the 21 years the bellwether index has been in use. "There is no real positive news in today's data," said Robert Shiller, who co-developed the index.

Prices fell in all 20 cities studied included in the index, a new and worrisome development in the current cycle. "We judge the recent decline in home prices to be the beginning of an extended decline," said a Lehman Brothers economist. Other analysts speculated that the housing price drop, especially if it continues, could drag down consumer confidence and spending.

Sources MarketWatch, Reuters

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Housing Will Bottom June 30, 2009: Cramer

    Sep 8, 08 2:29 PM CDT
    Jim Cramer has spent over a year “shouting in my usual unhinged way” about the bleak real estate market, he writes in New York. But now he’s so confident housing’s headed for a bottom that he’ll name the exact date: June 30, 2009. Why?

    1. New home construction has fallen spectacularly, and "by next June we won’t be building enough homes to accommodate demand."
    2. Congress has authorized $300 billion in FHA loans. Foreclosures and supply will both nosedive as a result.
    More »

  • Home Prices Fall Again; Rate of Decline Sets Record

    Jul 29, 08 11:01 AM CDT
    Home Prices Fall Again; Rate of Decline Sets Record Home prices continued to nosedive in May, a signal that the housing crisis may be worsening and a red flag for the credit markets and Wall Street, reports the New York Times. Every region covered by the S&P/Case-Schiller home-price index showed a drop compared to May 2007, with the rate of decline setting a record for the 21-year-old metric.
    More »

  • Home Prices Take Steepest Tumble Since 2000

    Jun 24, 08 10:42 AM CDT
    Home Prices Take Steepest Tumble Since 2000 US home prices tumbled in April at the fastest rate since the Standard & Poor's/Case-Shiller index started keeping track in 2000, with all 20 metropolitan areas surveyed posting annual declines for the first time. The index fell by 15.3% in April versus a year ago, according to today's report. Prices nationwide are at levels not seen since August 2004. More »

  • Housing Slump Won't Ease Anytime Soon, Says Study

    Jun 23, 08 7:48 AM CDT
    Housing Slump Won't Ease Anytime Soon, Says Study Rising mortgage rates and a tenacious slump in sales and home values will continue to depress the worst housing market in decades, reports Reuters. Don't expect potential saviors—new home buyers—to make a dent any time soon, says a Harvard study. With mortgage rates at a 9-month high, credit tight, and foreclosures on the rise, they will likely wait until the market hits bottom, and it appears to have a ways to go.  More »

  • Foreclosure Sales Rebound as Buyers Snap Up Deals

    May 27, 08 7:31 AM CDT
    Foreclosure Sales Rebound as Buyers Snap Up Deals April generally was not a great month for home sales, the Wall Street Journal reports—except in the areas hardest hit by the subprime crisis as lenders slash prices on foreclosed homes and buyers snap them up. Subprime-riddled Detroit, for example, has seen home sales rise 48% in the past four months over last year; but prices have dropped 56%. More »

Homes in Bayonne, N.J. are shown on Wednesday, Aug. 29, 2007. U.S. home prices fell 4.5 percent in the third quarter from a year earlier, the sharpest drop since Standard & Poor began its nationwide housing...   (Associated Press)
A realty sign noting a reduced price is seen Tuesday. Nov. 27, 2007, in Marysville, Pa. U.S. home prices fell 4.5 percent in the third quarter from a year earlier, the sharpest drop since Standard &...   (Associated Press)
A realty signs, one noting "new price," are seen Tuesday. Nov. 27, 2007, in Marysville, Pa. U.S. home prices fell 4.5 percent in the third quarter from a year earlier, the sharpest drop since Standard...   (Associated Press)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (
1
 of 1)

Tags

housing market  • home prices  • Case Shiller price index  • Robert Shiller


Loading...

Premium Articles from HighBeam

Find more articles like this

Today's Most Popular

Loading...

Other Business Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »