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Shiller Time: Prices Plunge

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The New York Times covers this morning's release of Standard & Poor’s/Case Shiller Housing Index's October data, reporting that housing prices are "falling at their fastest pace on record, a sign that the housing market is a long way from recovery. 'It is unlikely that we are anywhere near a bottom in nationwide home prices,' Joshua Shapiro, chief United States economist at MFR, wrote in a note." Here's the Los Angeles (metropolitan) specific data: Housing prices fell 27.9 percent from a year ago. Compare that to New York's 7 percent drop or Las Vegas' 31.7 percent drop. And things are particularly grim in Detroit: According to the Times, the price of a house in Detroit was less in October than it was in October 1998. Overall, the nation is back to March 2004 price levels, according to the Wall Street Journal. Good times, 2004. Press release is here. [New York Times]