"'The broad downturn in the residential real estate market continues,' says David M. Blitzer, Chairman of the Index committee at Standard & Poor’s. 'There are very few, if any, pockets of turnaround that one can see in the data. Most of the nation appears to remain on a downward path, with all of the 20 metro areas reporting annual declines, and eight of those MSA’s now with negative rates exceeding 20%. If one looks in detail at the annual return data, it can be seen that 13 of the 20 MSA’s and the two composites have been reporting consecutive record declines since December 2007. The monthly data follows a similar trend, with all of the metro areas reporting at least four consecutive months of negative returns.'
. . .
All 20 metro areas are reporting negative monthly and annual rates of change in average home prices. Boston, Denver, Los Angeles, San Diego and Washington D.C. are reporting a relative improvement in year-over-year returns, in terms of lesser rates of decline than last month’s values".
Tuesday, February 24, 2009
Posted by Harriet at 3:34 PM