The Case-Schiller Home Price Index for February hit the ‘screets’ today. Bloomberg has the details.
The bad news:
Home prices are still skidding badly – Minneapolis is off 20% YOY, and 32% off the 2006 peak.
What qualifies as good news:
The streak of 16 consecutive months with record breaking declines is over. At least for now.
Other sort-of good news:
You do not own property in Phoenix. From the NYT:
“Phoenix has achieved the unwelcome distinction of becoming the first major American city where home prices have fallen by half since the middle of the decade, according to data released Tuesday.”