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Home Prices Fall Again; Rate of Decline Sets Record

Consumer confidence numbers offer ray of hope

By Clay Dillow,  Newser Staff

Posted Jul 29, 2008 11:01 AM CDT
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(Newser) – 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.

In both year-over-year and month-to-month misery, the Las Vegas and Miami markets continued their domination. Meanwhile, consumer confidence rebounded slightly in July, rising for the first time in 7 months and beating estimates. "The modest improvement in expectations, often a harbinger of economic times to come, bears careful watching over the next few month," one analyst told the Wall Street Journal.

Sales of existing homes fell more sharply than expected in June as the housing industry continued to be bruised by the worst slump in more than two decades.
Sales of existing homes fell more sharply than expected in June as the housing industry continued to be bruised by the worst slump in more than two decades.   (AP Photo/Tony Dejak)
Bloated inventories, brought on by widespread foreclosures across the nation, are depressing housing prices nationwide.
Bloated inventories, brought on by widespread foreclosures across the nation, are depressing housing prices nationwide.   (AP Photo/David Zalubowski, File)
Foreclosures and a lack of liquidity among mortgage brokers have left housing markets flooded, depressing prices.
Foreclosures and a lack of liquidity among mortgage brokers have left housing markets flooded, depressing prices.   (AP Photo/Rich Pedroncelli, file)
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housing market • consumer confidence • recession • credit crisis • home prices • Case Shiller price index • housing crisis • subprime crisis • consumer confidence index • home values

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