New Case Shiller numbers came out today, though I’m sure Rich will do a far superior job of presenting them, here are the basics for the NSA:
San Diego:
– 3% decline in October, 4th worst Month-to-month decline since peak
– 24.1% decline from last October
– 29.1% decline this year
– 36.4% decline from November 2005 peak
Los Angeles
– 2.6% decline in October, 6th worst Month-to-month decline since peak
– 25.2% decline from last October
– 19.9% decline this year
– 34.4% decline from September 2006 peak
The cyclical rate of falling prices seems to still be accelerating: the months of July, August, September, and October all fell further this year than last year in LA and SD.
November to February were all worse months than July-Oct last cycle, and I can’t see any reason why they won’t be worse again.
Inventories may be down due to higher sales/lower prices, but with the rest of the financial world in far worse shape than even 6 months ago 2009 may see even more substantial price drops.
Maybe one day the media and Washington will realize low home prices are a good thing.
