S&P/Case-Shiller Home Price Indices Fall

On September 30th data released by S&P for the S&P/Case-Shiller Home Price Indices showed continued decline in home prices among almost all major US cities measured by the indices.  

Las Vegas has continued to be one of the hardest hit cities with an annual decline of 29.9%.  All city/metro indices show an annual decline ranging from 29.9% in Las Vegas to 1.8% in Charlotte.

David M. Blitzer, the Chairman of the Index Committe at Standard & Poor’s indicated that there was no evidence of a bottom to the current decline.

For the complete report visit Standard & Poor’s website or click here.

My personal take on the current situation is that it will be a solid two years before we see any sign of recovery in the housing market.  Financial and housing sector woes have create ripples throughout our entire economy that are now just starting to reach other sectors.  Retail and manufacturing businesses are already beginning to feel the effect of reduced consumer spending.  Prices will go up and jobs will continue to be lost.  

Let’s take some cues from our grandparents.  Maybe it’s time for a heart-to-heart talk on how they weathered the storm during the great depression.  While I do NOT believe we are entering another depression I believe we all have equal responsibility to put our individual financial houses in order.  Now is the time to save, ensure job stability, work harder, and focus on paying off debt.  It would be ludicrous and irresponsible to believe that the legislature alone can remedy the current financial crisis.

Technorati Tags: financial crisis, housing market

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