State of Play: Home Prices Decline For Another Month
The average home price for 20 metropolitan areas fell almost a full percent between April and May, according to Standard & Poor’s. For the year, the index is down 15.8 percent compared to May 2007. The 10-city index has fallen 16.9 percent, the biggest decline in its history. According to the AP, “No city in the Case-Shiller 20-city index saw price gains in May, the second straight month that’s happened. The monthly indices have not recorded an overall home price increase in any month since August 2006.”
While major media covered the decline, most posted the AP story, without additional reporting. The Los Angeles Times posted the AP story, but then localized it to the region, one of the hardest hit in the housing decline.
Home Price Index Down 15.8% in May (The New York Times)
Home Prices Drop by Record 15.8% in May (Washington Post)
L.A. home prices falling at 24.5% annual rate (Los Angeles Times)
Home-Price Declines Accelerate (The Wall Street Journal)