The already troubled housing market is just getting worse says the latest report from S&P Case/Shiller. The 10-City Composite’s annual decline of 8.4% is a new record low for the index, which started recording home prices in 1987.
“We reached another grim milestone in the housing market in November,” says Robert J. Shiller, Chief Economist at MacroMarkets LLC.
Miami was the hardest hit of all the cities—home prices fell a sickening 15.1% in the month of November. San Diego, Las Vegas and Detroit were also hard hit.
Major metro areas have also started to feel the pain. New York was down 4.8%, Chicago 3.9%, and Los Angeles 11.9%.
Foreclosure filings were up 75% in 2007, and prices of existing homes dropped for the first time on record.
Record Declines in Home Prices Continue in November According to the S&P/Case-Shiller(R) Home Price Indices (Press Release) [CNNMoney]
Homes see first annual price drop on record [CNNMoney]
Foreclosures up 75% in 2007 [CNNMoney]