Case Shiller: Real Estate Home Prices Continue To Head Lower

Posted By on January 31, 2012

More of the same…as personal income falls or flat lines, real estate will continue on a slippery slop. With record low interest rates, people, unlike in past recessions, still carry near record high amounts of debt. It is not indicative of a housing rebound. De-leveraging will continue to be a rage, unbeknown and not understood by most.

The November Case Shiller index is out…. According to the Top 20 City index composite, prices declined in 17 of 20 MSAs, with gains posted only in Phoenix, Denver and Minneapolis. At 137.52, the Seasonally Adjusted composite dropped to the lowest since February 2003, and is now a third lower than the housing peak in April 2006. Yet if not for that errant spike in home prices in April 2011, we have now seen 18 consecutive months of housing price declines since that “rebound” in late 2009 that everybody wanted to call a bottom. “Despite continued low interest rates and better real GDP growth in the fourth quarter, home prices continue to fall,” David Blitzer, chairman of the index committee at Standard & Poor’s, said in a statement. “The trend is down and there are few, if any, signs in the numbers that a turning point is close at hand.”

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