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Case Shiller Drop Accelerates

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by Zubin Jelveh
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Sep 30 2008 10:44am EDT

Case-Shiller Drop Accelerates

After four months of decelerating price falls, the Case-Shiller 20-city home-price index fell 0.9 percent in July compared with a 0.5 percent decline in June.

Wrightson-ICAP:

We estimate that the monthly decline in July translates into a seasonally adjusted annual rate of about 13%, worse than the June pace of about 10%, but still better than the 25% rate of deterioration that had prevailed during the winter.  Seasonal tendencies will become neutral and then turn negative over the next few months, so monthly headline declines should probably move back above 1% in the near future.  The latest monthly drop left the index with a YOY decline of 16.4%, and put it 19.5% below its July 2006 peak.

Looking at the city-by-city tallies, six regions recorded price gains in July, down from 9 in June:

caseshill.gif

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