Case Shiller Shows 15.4 Decline in 2nd Quarter, 2008
The new numbers are out in the Case Shiller Index and continue to indicate the market is still in decline. What is encouraging is that the rate of decline is slowing and that we may be approaching the bottom.
This analysis is consistent with what Karl Case (The Case in Case Shiller) said in May.
(When the raw numbers come out I will add them to this post or put them in another one.)
The S&P Case-Shiller U.S. home price index fell less than expected in the second-quarter as the 20-city composite index posted an annual decline of 15.38%, up from a 14.22% decline in the first quarter. The Case-Shiller index has fallen every month since peaking in July 2006, but economists say the rate of decline may be slowing, as evidenced by the three-month annualized rates.
Economists were expecting the quarterly index to fall 16.2%.
The three-month annualized rate of decline was 9.01% in the second quarter, compared to the 24.38% decline in the first quarter and a 13.68% drop in the final quarter of last year. via ForexTV
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