Home Prices Plunge Record 15.8 Percent In May

NEW YORK — Home prices tumbled by the steepest rate ever in May, according to a closely watched housing index released Tuesday, as the housing slump deepened nationwide.

The Standard & Poor's/Case-Shiller 20-city index dropped by 15.8 percent in May compared with a year ago, a record decline since its inception in 2000. The 10-city index plunged 16.9 percent, its biggest decline in its 21-year history.

No city in the Case-Shiller 20-city index saw price gains in May, the second straight month that's happened. The monthly indices have not recorded an overall home price increase in any month since August 2006.

Home values have fallen 18.4 percent since the 20-city index's peak in July 2006.

Nine metropolitan cities _ Las Vegas, Miami, Phoenix, Los Angeles, San Diego, San Francisco, Seattle, Wash., Portland, Ore., and Washington, D.C. _ posted record declines in May. And the value of housing in Detroit is now lower than it was in 2000.

But a possible bright spot in an otherwise dismal report, seven metros _ Tampa, Fla., Boston, Detroit, Minneapolis, New York, Dallas and Atlanta _ showed smaller annual declines.

Las Vegas recorded the worst drop, with prices plunging 28.4 percent in the month. Miami came in a close second, with prices down 28.3 percent.

Charlotte, N.C., posted the smallest drop at 0.2 percent. Until April, the North Carolina city had been the last metro still showing price gains.

Comments

[Steve13133]

Of course the prices went down. They were overvalued to start with. This is a normal correction to the market. The sub-crime fiasco didn't help by creating a bubble (government supplied) that continued to drive up prices. People who didn't have a good credit rating got a loan, hoping to sell in a couple of years and make a whopping profit. Then the rates reset. Bad news for anyone just barely making it, or the inflation (gov't caused) of energy costs, or milk for that matter. Whoa, now we have a govt created crisis, just like the S&L crisis, or the Dot-Com Crisis. Let's face it, gov't consists of mainly lawyers, what do they know about economics? Nothing, that's what they know. They are real good at counting corporate donations though. Those same corporations that wouldn't exist without taxpayers money.

[norkas]

We were looking to purchase in Phoenix or Scottsdale and the prices were a joke 8 months ago. We were looking for something nice . I saw a differance of aleast 50% we would offer. The sun baked there brains in Phoenix and it may take a little more time for them to wake up. Agents should not even show there over price condos and homes when they admit no one is buying because of the prices. $700 - $1,000,000 places are flooded in the market as if everyone living there is a millionaire. I am not sure when these IDIOTS will adjust there prices but i believe after this hot summer the prices will make the ajustments the othere markets have already. It does not matter for us now we will build a solar house now and forget about the current housing market there.

[jfor]

There is always plenty of blame to go around but the bottomline regardng this mess is that people who were not qualified in any way, shape or form accepted huge amounts of risk all in order to live in a home that they could not afford but rather felt they deserved.

Honestly as an American it is pathetic the way we behave, how selfish we have become, how entitle we all feel. Sorry to pop your bubble but you do not deserve anything, you are not owed anything and you are definately not entitled to living in a home you can never afford.

All this talk of the market bottoming out is ridiculous, homes today are priced below assessments and as a result over taxed, In some cases homes are selling for less than replacement costs. There has never been a better time to buy a home than right now. Mortgage rates are very low and inventory is high.

If your smart and responsible you will stay within in your means and laugh at all the fools who didn't the next time the cyclical home market goes down. Come on America show some faith in your country and buy NOW.

[mosh]

yup and those CEOs earned every penny of their bloated stock options and cash - from CountryWide to Freddie Mac. It starts at the top and ends with the little guys at the bottom mopping up the mess. Remember it is our tax dollars that will go to clean up this mess - the middle class will be dispossessed from houses they 'didn't deserve' and the CEOs and CFOs will walk away with millions. And yet, the middle class will simply point fingers at each other as you do in your post. It wasn't your neighbors fault - unless of course you happen to live in a gated community next to the CEO of Fannie Mae. Then it was probably his fault and yours. Maybe the Freddie Mac's CEO should be kicked out of his house - oh, I forget - he got his house fair and square on the backs of hard working Americans who simply wanted a house to call their own. Let's stop blaming each other and go after the real culprits the lobbyists who own the US government.

[jfor]

So did you read the post or just think you read it? In America your responsible for your own actions. Who forced anyone into a mortgage they could not afford?

[Southrnbelle]

THANK YOU, MR. PRESIDENT!

[torrrep]

Explain to me how it's the President's fault that people purchased homes they could not afford. Take your time. I'm sure you can find some bogus excuses.

[mosh]

Deregulation and letting the foxes guard the henhouse - it started back with Reagan and reached a deafening crescendo under Bush. The free market never was and never has been free. It's owned by one percent of the top ten percent of the population. Ask any CEO except you probably don't know any.

Here's a question for you: how can the CEO of Freddie Mac walk away with over 18 million in compensation while the company tanks and the tax payers pick up the bill? Whose fault is that?

[wedgie]

How about the fact that the Bush Administration hasn't REGULATED ANYTHING? Wall Street can do as it pleases with these guys in the White House and the Justice Department. The regulatory agencies that oversee banking and finance are taking eight years off.

How's that bogus excuse?

**

[LeanLeftAmerica]

DEREGULATION.

[HBeachbum]

Housing prices have held pretty firm where I live ... it takes a little longer to sell a house though.

[Razz]

For this time around only, the lower the house prices go, the better it's going to be for the majority of the population.

[darthdarcy]

We haven't seen the worst of it yet, not by a long shot...

It's gonna get much much worse...

[jfor]

What good does it do anyone to have that negative opinion?
What fact or precedent is allowing you to make such a negative prediciton?
Your negativiity and fear only contribute to the slow recovery of the housing market and believe me it will recover and be stonger than before and when that happens you can be one of the millions who will whine and moan about how you woulda, shoulda or coulda made a good move in real estate but instead sat on you hands and did nothing.

[mosh]

Are you really phil gramm in disguise jfor? C'mon phil the jigs up, we know it was all your fault.

[Zeje]

so go out and buy a house -- buy two houses!

[blastocyst]

I have to sing out to those who were tryingly yet fetchingly buck, gamboled a long way to beetle for the sympathy of the forlorn heiress saddled with bowlegs to author an Homeric legislation regarding foldaway lenders whom know of Tim J Roisterers nor of Alessandro banking-in-common via Babbage's (1922-1928) have a central-moniker and were off the gold-related standees of Pietro? Surely as foretold by the "Diet of Worms"! Hosteler's dollar assets in the Lorene trade balance was that. (1772 - 1823) The whinges back then for Bering central banks must shrug accumulators off speculative attacks on currencies which fuels tortilla-burns. Stalin or Beria, in turn, working as Pugh rallied to pirated real estate prices. It's all Ergonomics for the wealthy to get the Rockies and act as pseudo laminates inflating the salacious homes weren't of a texture to write an exclusion of their loans to Lemuel as it is, allowing the Walrus who created and synthesized fraudulent gerunds at the Federal Rescaling (1953-1971) out of insolvent laps as they make large enough gambols then the federal government will to the resurgent genome come. I didn't live in Benoit, WI and I am not real happy to pollinate out of the fryer. Abeam gets all surtitle critiques at the box office because the Interlining public doesn't buy into the liberal worldview. Instead McCready offered the equivalent of a low budget film that the critics hate but the exhibitors loathe . It still rankles.

[realityczech4u]

You need your meds badly.

[mosh]

Well said. Thanks.

[progressivelady]

Republican's are always in denile, and never admit when they are wrong, Right Is wrong

[WLA]

Well, denile is a big river...

[Catharsis]

smirk

[mosh]

And let's not throw them any life ropes.

[VolvoBirkenstock]

For some reason, the Republitrolls are avoiding the thread dealing with REPUBLICAN T ed S tevens being indicted.

[SweetSydney]

As you so often delight in telling others: Wrong thread tr0ll. There's already a thread for that comment.

[Gina322]

flagged as bitchassedness

[CrapWhisperer]

.

Did that hurt?

It had to hurt ....
.

[VolvoBirkenstock]

Poor PitterBetty.

Hates it when another Repube is exposed for being the same type of fraud she is.

Your type does not set the rules here. You are as irrelevant here as you will find yourself in America at large after November.

[lornejl]

What should the penalty be for posting off topic ?

[ThunderclapNewman]

SweetSydney
Anybody know where ole purple lips is going tomorrow?
Maybe Iraq?
Flagged Posted 09:23 PM on 07/19/2008

R a c i s t s like you don't get to make those decisions here.

[CrapWhisperer]

.

They haven't receivedRu­shedLimpba­lls talking points yet..

[theepoxyman]

i have always liked Lush Rumbag

[ThunderclapNewman]

I can't imagine why. :-}

[elbzee]

Well, of course not! Such republican misfortune is best ignored. If ignoring doesn't work, deny. If denying doesn't work, lie. If lying doesn't work, lie more. (Rinse and repeat….) It's the republican way!

[VolvoBirkenstock]

Faux Snooze will have the graphic identifying S tevens as a Democrat ready for tonight's Bill O'Loofah and She-yawn shows.

[NatteringNabob]

How odd!

[elbzee]

20 years ago I was an officer of CitiCorp. In management training they had an intense class called Risk & Reward. ENORMOUS emphasis was placed on it. Assessing the risk was paramount. How nice it must be to be in banking nowadays without that pesky concern. And how nice it is of our government to use OUR MONEY to bail them out for their failure. Gee, ain't America great????

[mosh]

It won't be the first time. Remember the Keating5, the S and Ls and Enron? Or the great depression comes to mind. The only thing new here are the players. The names change the rules don't. The tax payers always pay that's what makes risk assessment so much fun now and always.

[BradPittsburgh]

DOW up 200 points, oil down again, dollar getting stronger, liberals continue to whine.

[WLA]

Bernanke declares: Everyone gets a free pony!

Then Brad's alarm clock went off...

[CrapWhisperer]

.

No pony?
.

[VolvoBirkenstock]

Now his mommy will have to change the sheets.

[Viper]

And how much was the DOW down yesterday and the day before and the day before... Still below 2000 Highs under Clinton and of course the dollars is worth half as much...

20 trillion lost in housing value in one year.

And the drop in oil prices... are you saying the high price is becuase of the Bush caused devaluation of the Dollar and specualtion caused by repug deregulation.... and that hundreds of millions of people have been hurt by Repug policies?

Regards

[lornejl]

I made 320 million on the market today, just like you. I'm not whining , I'm loving it !

[ThunderclapNewman]

The Dow hasn't even regained what it lost yesterday.
It's not the economy or the market.

You remain utterly clueless.

[Gina322]

Talk to me when gas prices fall below $3 per gallon. Until then, you have nothing to say.

[lornejl]

This chart seems to be saying something.....

http://graphics8.nytimes.com/images/2006/08/26/weekinreview/27leon_graph2.large.gif

[alaintex]

That seems to synch up with this graph which also shows the "Record Plunge" reported above.

http://mysite.verizon.net/vzeqrguz/housingbubble/united_states_1890-2007.png

[lornejl]

It over baby.

[Woggles]

This is great news! I'll now finally be able to afford that shadeless, mean stucco box, 60 miles outside of Vegas.

[JamesR.]

Don't forget your ashes and sack cloth.

[CrapWhisperer]

.

More cloning humor ...

Question: Whats the advantage of being a test tube baby?

Answer: A womb with a view!

Yehaaaaaaaaaaa
.

[BenBernanke]

test

[CrapWhisperer]

one two one two