Breaking news….Case Shiller Housing Index numbers:

Washington, May 26 – The S&P Case-Shiller 20-city Home Price Index (HPI) was down 18.7% over the last 12 months, a larger drop than the 18.4% decline economists expected and larger than the 18.6% drop in the year ending February. The 10-city HPI was down 18.6% over the last year.

Continuing declines in the first three months of 2009 led to a 19.1% decline in Q1 versus Q1 2008, which is the largest quarterly decline in the 21-year history of the series.

‘Declines in residential real estate continued at a steady pace into March,’ said S&P Index Committee Chairman David Blitzer. ‘All 20 metro areas are still showing negative annual rates of change in average home prices with nine of the metro areas having record annual declines.’

Blitzer said 17 of 20 metro areas recorded declines in home prices in March, and said March is only the second month since October 2007 that the 10- and 20-city indices did not post a record annual decline. ‘Based on the March data, however, we see no evidence that a recovery in home prices has begun,’ he said.

Average home prices in March 2009 are the same as they were in Q4 2002, and prices are down 32.2% from their peak in Q2 2006.

Source: Forbes.com

pete.kasperowicz@thomsonreuters.com

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