Case-Shiller: Across the board deterioration in every market

| 27 January 2009 13:15

I have yet to read what the media has reported on the new Case-Shiller Housing Index numbers for November 2008. However, I have crunched the numbers and they do not look very good.

For the Composite-20 list of cities, the index is down 18.2% in the past year, putting it down 25.1% from its peak. The Composite-10 list shows a fall of 19.1% and 26.6% for the same time frames. This puts prices back to levels last seen in February 2004.

Rather than belabor the subject, I will merely present the chart below. You should note that this marks the second month of data after the Panic of 2008 in September. And in each month, every single city in the index has declined each time.

The dates below represent the last time we saw prices this low in each of the markets.  Detroit is the worst with prices now back to 1997.  Charlotte, which had been performing the best is really diving now that the financial sector there has imploded.  Prices there are back to 2006 levels, in line with Seattle.

case-shiller-2008-11

Source
S&P/Case-Shiller Home Price Indices – S&P Website

avatar About Edward Harrison

Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages, a skill he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

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