Another Month, Another Record Drop in Home Prices
Don't click here if you want to believe the fiction that the Mother of All Bailouts can fix home prices. They're dropping like stones, and it ain't because of a lack of lending. It's because people know prices are far too high. Since the exotic, bogus loans that people used to bid up houses are never coming back, prices will continue to fall.
Anyone looking to put lipstick on this pig will have to content himself with the fact that the pace of decline has moderated somewhat. But that's about as joyful as stepping in a cowflop, then having your next footfall strike dogpoo. It's an improvement, sorta, but not really.
New York, September 30, 2008 – Data through July 2008, released today by Standard & Poor’s for its S&P/Case-Shiller 1 Home Price Indices, the leading measure of U.S. home prices, shows continued record declines and a continuation in the trend of double digit declines across many cities in the prices of existing single family homes across the United States.