Home prices still in decline
There are many definitions for recession and depression and from the fall off in home prices, we are quickly moving toward the ?D? word with the home price declines experienced around the country over the past two plus years. According to a report released by the S&P Corporation today, Real Estate prices are continuing their freefall with no signs of bottoming. The Standard & Poor's/Case-Shiller home price index, a closely watched indicator of home prices, reported on Jan. 27 that price declines of existing single-family homes in 10 major metro areas matched last month?s record decline of 19.1%. In addition, the 20 major metro areas continued their slide, down 18.2% compared to the same month in 2007. The index has declined steadily for 28 consecutive months.