Lately all about the news stories regarding market declines include sentences like "since the company began tracking" or "as far back as data is available" because the data has never been as low as it is now. Today's news: "American homes are losing their value at the fastest rate in two decades, according to a closely watched report released on Tuesday. In the 12 months ended in February, the Case-Shiller home price index, which measures the value of single-family homes in 10 major metropolitan regions, fell 13.6 percent, the worst decline since records began in 1987. A broader 20-city index dropped 12.7 percent." The NYT story goes on to say that of the 20 cities, "Western cities like San Francisco, Los Angeles and San Diego among the worst performers." (Specifically, Los Angeles=down 19.4 percent.) "There is no sign of a bottom in the numbers," said David M. Blizter, chairman of Standard & Poor's index committee. "Prices of single-family homes continue to drop across the nation."
· Consumer Confidence Slips as Home Prices Drop [NYT]
· Drop in home prices hints we haven't hit bottom yet [Freep]
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