CNN reports, "The S&P Case/Shiller Home Price Index, which tracks 20 of the largest housing markets, showed prices plummeting by 12.7% in the 12 months ending February. That's the biggest fall since the index began tracking prices in 2000."
In related news, Forbes notes, "The number of foreclosures filed by US homeowners increased sharply for the seventh consecutive quarter, according to a private sector report released today.
In the three months ending in March, the number of foreclosures totaled 649,917, up 23 pct from the previous quarter and 112 pct from the first quarter of 2007, California-based RealtyTrac said."
Prices way down. Foreclosures way up. This may be one of those Minsky moments, when falling prices beget more falling prices, resulting in a housing death spiral. Tell me again why the recession will be short and shallow?
No comments:
Post a Comment