Today, the S&P/Case-Shiller housing index report was released and it’s not looking very good or hopeful in this case. The report saw the U.S. National Home Price Index, which covers all nine U.S. census divisions, recording a 19.1% decline in the 1st quarter of 2009 compared to the same period last year. Similarly,the 10-City and 20-City Composites recorded annual declines of 18.6% and 18.7%, respectively.
However, the more sobering thought came from the Chairman of the Index Committee at S&P David Blitzer when he said the following:
Based on the March data, however,we see no evidence that that a recovery in home prices has begun.
Also from the report, following is a table containing the 20 metropolitan areas and the housing price changes.
To see the whole report, jump HERE (PDF).