There’s good news in the housing market… sort of. For the first time in 25 months, housing price declines failed to set a new record. Whether or not this means that we’re reaching the bottom — no one can really say.
The LA Times says that home prices in the 20-city index are down 18.6% since last year, and are down over 30% from their peak in 2006. In Phoenix, prices are about half of what they were at the peak. Ouch.
“We will certainly need a few more months of data before we can determine if home prices are finally turning around,” said David M. Blitzer, chairman of the S&P index committee.