Wednesday, April 29, 2009
house price declines near peak rate
The Composite 10 is off 18.8% over the last year.
The Composite 20 is off 18.6% over the last year.
This is near the worst year-over-year price declines for the Composite indices since the housing bubble burst started.
still very fast, but moderating. one wonders to what degree this deceleration is tied to the reduction in the pace of foreclosures over the past few months which is now, post-moratoria, resumed with gale force.
it was also noted that more expensive homes are starting to come through foreclosure at higher rates. this has an analog, as calculated risk notes, in accelerating price declines among the higher tiers of the case-shiller data.