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Shiller's Latest

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The New York Times is reporting that housing prices continued to slide in January, citing the latest Standard & Poor’s Case-Shiller Home Price Index report that showed that housing prices fell 19 percent in January from January 2008. Via the Times: "We continue to believe that it is unlikely that we are anywhere near a bottom in nationwide home prices,” Joshua Shapiro, chief United States economist for MFR Inc. [a global consulting firm] said in a note." Year over year, the Los Angeles area, which includes Orange County, according to the LA Times, was down 25.8 percent and down 39 percent from 2006. The Associated Press takes a bit of a slightly more positive approach, noting that "in Cleveland, Los Angeles, Las Vegas and Washington D.C. — areas all ravaged by foreclosures — annual price declines eased. Six cities, including Minneapolis, Charlotte, Seattle and New York, showed smaller price declines in January compared to December." You can download the national graph here.
[NY Times/LA Times/AP]