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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Bank Holding Company who wrote (194216)	3/31/2009 9:39:20 AM
From: MulhollandDrive	Respond to of 306849

this was being spun as a turn in housing on cnbc... S&P/Case-Shiller:Home Prices Still Dn By Record Levels In Jan PROVIDED BY Dow Jones & Company, Inc. - 09:00 AM 03/31/2009 DOW JONES NEWSWIRES Home prices continued their multiyear slide in January, according to the S&P/ Case-Shiller home-price indexes, as 14 of 20 major metropolitan areas posted price declines of more than 10% from a year earlier. The Sun Belt continues to be hit hardest, and nationally, home prices are at levels similar to late 2003. "Most of the nation appears to remain on a downward path, with all of the 20 metro areas reporting annual declines, and nine...falling more than 20% in the last year," said David M. Blitzer, chairman of S&P's index committee. Both composite indexes and 13 of the 20 metropolitan areas reported record year-over- year declines. As of January, the 10-city index is down 30% from its mid-2006 peak and the 20-city is down 29%. The two indexes have fallen every month since August 2006, 30 straight. The indexes showed prices in 10 major metropolitan areas fell 19.4% in January from a year earlier and 2.5% from December. The drop marks the 10-city index's 16th-straight monthly report of a record decline. In 20 major metropolitan areas, home prices dropped 19% from the prior year, also a record, and 2.8% from December. Again, none of the regions could stave off a decline from December to January. Month-to-month decliners were again led by Phoenix, which posted a drop of 5.5%. Las Vegas, which has been a close second behind Phoenix for months, showed a " marginal improvement" in monthly returns, although its results were still negative. For the 10th straight month, no region was able to avoid a year-over-year decline. Phoenix and Las Vegas were again the worst performers, with drops of 35% and 33%, respectively, from a year earlier. San Francisco again followed, with a decline of 32%. Phoenix is down 49% from its peak in June 2006. Dallas has been the least hurt, down 11% from its peak in June 2007. Compared with a year earlier, Dallas and Denver again had the best relative performance, with annual declines of 4.9% and 5.1%, respectively. The data come a week after a government report that sales of previously occupied homes jumped 5.1% in February, the most in five years, driven by foreclosure sales that are sending prices plunging. The median price was down 16% from a year earlier, the second-biggest drop ever. Tight credit and a still-bleak economic outlook amid high numbers of job cuts have added more stress to U.S. households, meaning the glut of housing remains.