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

[CrapWhisperer]

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Speaking of conception and birthing experiments of humans (Brad) ...

Question: What has fuzzy red hair, big feet and was raised in a test tube?

Answer: Bozo the Clone!
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[SCG]

....and housing became more affordable, during the wonderous Bush years.

[NotPC]

This is a buyers market....­......it's the best time for young people to puchase their first home - the prices are down, and interest rates are low. If you have good credit....­...this is an incredible opportunity!

[lornejl]

Are you guaranteeing everyone's loan ? Will you repay them if the value continues to drop ? Then it might be best if you shut the h*ll up.

[AlexanderH]

Except the banks are shutting down loan approvals. Now is not yet the time to buy. Another year yet to go till the inventories are ridiculously deep.

[SweetSydney]

The point of maximum pessimism usually represents the best buying opportunity.

[ThunderclapNewman]

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

No one is interested in your R*A*C*I*S*T views, Betty Jo.

[BeyondGoodAndEvil]

We are far from that point.

[CrapWhisperer]

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Where did Brad go?

Reading the words of one born as a motherless child is interesting!
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[BradPittsburgh]

are you a fan of brad's?

[borderorder]

That would be a purely mythical creature.

[CrapWhisperer]

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Ohhhhhh the humanity!
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[CrapWhisperer]

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Only in a car crash kind of way ... I drive by slowly and am amazed at the wreckage!
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[TrueIndependent]

I don't care if you're R or D. The federal bailout of mortgage banks amounts to the biggest heist in the history of the world. It's supported by people on both sides of the aisle.

[apogee2perogee]

That may be true eventually, but so far the Savings and Loan failures in the '80's exceed the size of this mess.

[recruitgal]

I believe McC had some involvement in that particular fiasco.

[ADVOCATE4ZPG]

It WILL become the greatest bailout in HISTORY...­..although basically from the same cohort of so-called "entrepreneurs" responsible for the Savings & Loan collapse. But, NOTHING is ever learned. The first "bubbles" in the U.S. (even before that of 1837....) were based in real estate speculation, but WHY PAY ATTENTION TO HISTORY--even that of 20 years ago.....?

Given the sociological pressures of the post World War II to mitigate the effects of "panics," the public and the public treasury will SOCIALIZE the calamity whilst the "speculators" will reap the GAINS!

Meanwhile, BURN Alan Greenspan, at least, in effigy. He sat on his "laurels" through two bubbles...­..

[CrapWhisperer]

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Gonzo and Goodling spoke no truth

Now they're being fitted for a prison suit!
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[LarsGruber]

McFlipFlop:

http://news.yahoo.com/s/ap/20080729/ap_on_el_pr/mccain_taxes

[EggsBolinski]

OK we've learned the liberals here still hate America. Next topic please.

[CrapWhisperer]

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How do you type with your head totally submerged in your toilet?

Self swirlys ... a gop special talent!

I am TheCrapWhisperer!
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[NatteringNabob]

Prove it.

[comacoma]

You are not worth feeding to starving dogs.

[MajorKong]

Please repeat last transmission. You're coming in broken and stupid.

[lornejl]

Define America sweeite pie.

[JoeBlough]

Easy. Home of the wealthy, paid for by the poor. If you aren't wealthy, then you are on your own. No gov. help. No gov. fairness.

[gitrdone]

You guys want to get into the minds of conservatives who vote against their own interest..­..read "Hunting With Jesus" and "Whats A Matter With Kansas". Both these books opened up my eyes into the heart of the problem here in America.

The only way to prevent such injustices from happening again here in America is by putting restrictions on the market from getting "drunk" as President Bush put it.

In Canada, they are right across from us...but they don't have the same problem because cheap credit wasn't easily available to them like it was here. Yes, they too enjoyed a housing boom, but they are not experiencing a wave of foreclosures like in here..beca­use they didn't allow their bubble to be overinflated with unqualified home buyers.

Regulations is a GOOD thing if it's enforced in a smart way which prevents greater economic problems.

[FogBelter]

Unfortunately I couldn't find the link, but yesterday on the CNBC website there was an Analyst who said that he expected 18 more months of Mortgage problems with Prime Mortgages being the next problem area. His argument was that many Prime Mortgage holders were able to acquire their Mortgages on the merit of their FICO Scores alone, and aren't financially able, in the current economy, to maintain the payments.

If this Analyst is correct, then we should expect more volatility in the Economy once investors start seeing the Sub Prime Mortgage crisis bleed over into Prime Mortgages.

The Real Estate bottom is still a ways off.

[SCG]

The job loss is still increasing, not bottoming yet.

[CrapWhisperer]

nbvjbvjbvjbvjvjbnv

[lornejl]

That sounds like a W speech.

[BeyondGoodAndEvil]

If you add the stench of a hangover, it is a W speech.

[lornejl]

Will the one honest repub please take one step forward. Damn, they all stepped forward.

[CrapWhisperer]

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Speaking of corrupt repugz ... how long before Goodling and Gonzo get fitted?
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[VolvoBirkenstock]

Don't know about the mAnn Coulter lookalike, but Gonzo will be fitted when they start making orange jumpsuits in sizes for husky children.

[BeyondGoodAndEvil]

LOL

[Gina322]

Is this "husky" enough? LOL:


http://hannahbingman.com/uploaded_images/bro-724730.jpg

[borderorder]

Gonzo's first job before joining the Boosh team ...

http://youtube.com/watch?v=HaxURLFn6jU

[Alwaysrightneverwrong]

I think RICO is the best way to proceed with the Bush administration.

[maxdenn]

I look at the commenter's name at the top and if it's a familiar nut brain right winger I avoid reading the comment. But I do read the reply's to these strangeoids. Some of the responses are great. Thank gawd I've got the summer off work. I need the time to read what all you reality based thinkers are telling us.

[only1Demvoter]

max : Some of the smackdowns are rather humorous..­.

But then, they give such good maver-ickyness, One can hardly resist !


-ralph

[CrapWhisperer]

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Hummmmm

Since Sen Stevens has joined the long list of corrupt repugz getting ready for prison orange one question remains ...

what will happen to that bridge?
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[ThunderclapNewman]

It's going nowhere. :-}

[only1Demvoter]

Newman : Over troubled waters.


-ralph

[CrapWhisperer]

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Is there a map?
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