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Shiller Time

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The August data from Standard & Poor's/Case-Shiller index of home prices in 20 metropolitan areas has been released: Los Angeles and Orange County home prices dropped 26.7 percent in August compared to a year ago, according to the Los Angeles Times. San Francisco saw a bigger drop than Los Angeles (27.3 percent), while Phoenix saw the biggest drop (30.7 percent). Not surprisingly, the lower end of the market in Los Angeles is bottoming out fastest: "The lowest-priced third of homes, those under $380,000, declined 39% in value in August compared with August 2007, according to the index." [LA Times]