Post by unlawflcombatnt on Mar 28, 2007 2:48:08 GMT -6
Below are excerpts from an AP article titled S&P housing index shows prices fell in January, worst since 1994. It is one more description of the current housing collapse.
"Prices of single-family homes across the nation depreciated in January compared to a year ago, the worst results in more than 13 years, a housing index released Tuesday by Standard & Poor's showed....
The S&P/Case-Shiller composite index showed a drop of 0.7 per cent from a year ago in the price of a single-family home based on existing homes tracked over time in 10 metropolitan markets. Growth hasn't been that slow since January 1994 when it dropped by 0.9 per cent compared to January 1993, S&P said.
For its 20-city composite index, prices fell 0.2 per cent. That data has been collected since 2001.
Government sales figures reported Monday showed that the number of home sales in February fell to the lowest level in 7 years, and followed an even larger drop of nearly 16 per cent in January....
MacroMarkets LLC Chief Economist Robert Shiller said the composites clearly show the “dire” state of the real estate market across the nation.
“The dismal growth in the 10-city composite is now at rates not seen since January 1994,” Mr. Shiller said in a statement....
Economists fret that the slump in housing will drag down growth as the slowdown affects consumer spending and the construction industry....
The February decline followed an even larger 15.8 per cent drop in sales in January, which had been the largest one-month plunge in 13 years...
The full article can be found at
www.theglobeandmail.com/servlet/story/RTGAM.20070327.wushousing0327/BNStory/Business/home
"Prices of single-family homes across the nation depreciated in January compared to a year ago, the worst results in more than 13 years, a housing index released Tuesday by Standard & Poor's showed....
The S&P/Case-Shiller composite index showed a drop of 0.7 per cent from a year ago in the price of a single-family home based on existing homes tracked over time in 10 metropolitan markets. Growth hasn't been that slow since January 1994 when it dropped by 0.9 per cent compared to January 1993, S&P said.
For its 20-city composite index, prices fell 0.2 per cent. That data has been collected since 2001.
Government sales figures reported Monday showed that the number of home sales in February fell to the lowest level in 7 years, and followed an even larger drop of nearly 16 per cent in January....
MacroMarkets LLC Chief Economist Robert Shiller said the composites clearly show the “dire” state of the real estate market across the nation.
“The dismal growth in the 10-city composite is now at rates not seen since January 1994,” Mr. Shiller said in a statement....
Economists fret that the slump in housing will drag down growth as the slowdown affects consumer spending and the construction industry....
The February decline followed an even larger 15.8 per cent drop in sales in January, which had been the largest one-month plunge in 13 years...
The full article can be found at
www.theglobeandmail.com/servlet/story/RTGAM.20070327.wushousing0327/BNStory/Business/home