Home Prices for 20 U.S. Cities Decline Most on Record

Bloomberg News
Tuesday, November 25, 2008

Nov. 25 (Bloomberg) — House prices in 20 U.S. cities declined in the year ended in September at the fastest pace on record as rising foreclosures pushed down property values.

The S&P/Case-Shiller home-price index dropped 17.4 percent in September from a year earlier, more than forecast, after a 16.6 percent decline in August. The gauge has fallen every month since January 2007, and year-over-year records began in 2001.

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Mounting foreclosures are contributing to the drop in home prices, while adding to the inventory of unsold homes on the market. Lower property values are weighing on household wealth, causing consumers to cutback on spending and increasing the likelihood that the U.S. economy will contract for a second consecutive quarter.

“The onslaught of foreclosures hitting the market is certainly one reason prices are falling and will continue to fall,” said Guy LeBas, chief economist at Janney Montgomery Scott LLC in Philadelphia, who forecast a 17.1 percent drop. “We need to purge the excesses of the last several years, and the only way to do that is to suffer through these home price declines.” 

Full story here.

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2 Responses to “Home Prices for 20 U.S. Cities Decline Most on Record”

1. Kshatriya Says:
   November 25th, 2008 at 12:00 pm

   Pray for Alex. He is a warrior, fighting for Truth, fighting for your children, my children, and the future of all that is good, all that is pure, and wholesome. Please be praying as much as you can, this is a spiritual battle bros. and sisters. The great battle of Good vs. evil. There are forces already in motion that would chill the very blood in your veins. Pray for courage, pray for the Holy Spirit to touch the hearts of the illuminati figures, pray Holy Spirit to convict the heart and conscience of a high ranking secret-society leader. Pray they will realize that they are killing their own children too, realize they have been decieved by the evil One, let the Spirit shake them to their core, compelling them to confess on mainstream media that there are diabolic plans in effect to kill a major portion of the planets people. Shaking and trembling and crying with remorse, they beg forgiveness and admit to the world that these plans are real and reveal some of the secrets of 911 and other coverups, so that our sleeping brothers and sisters will rise up and awaken. We only need one illuminati leader to be convicted by the Holy Spirit, help me to press and petition Holy Spirit to do this. We have to ask, we must press, and ask, over and over, AND IT WILL HAPPEN. Lets do this. You will be amazed when it happens. So we are all praying at the same time, let us pray for Holy Spirit to convict one high ranking illuminati to be totally convicted in his heart to the point of full confession on prime-time mainstream media. We will pray at the top of each hour. It only takes 30 seconds at the top of each hour. Spread this all over the movement. We will change the world with our God-given Divinity.

2. Brass Balls Says:
   November 25th, 2008 at 5:04 pm

   I spent the day looking at camper’s and motor homes not lavash new ones but 20-35 years old, smelling like granny piss, prices are still to much except for the vilest condition. the reason for this attempted move was they can’t kick you to the curb if your already liveing at the curb. any whey the cops would tow it away to compound your future homeless condition, until you end up living under a bridge like a troll, you see it go’s like this 1st you are a home owner, the you get pushed out of your house, you end up loseing 50% of your stuff and then your ctedit is fryed then you flee to a apartment, your financially wounded, as you lick your wounds at your apartment, trying to recover then the anvil falls at work you get the boot in 1.5 months your evicted, while looking for work and you get what you can carry out of your apartment and the Sheriiff tosses out most of your gear, and the scavangers come. Next your at a relitives house or muching a spot from a freind, they say get a job, you continue looking for a gig, but bo avil some one in China or India or Mexico qulifies better then you because they are already living in a cardbord box or apartment with 20 people living in it. when you have just enough money left you buy a tent or live under the dumpster and then no one has pitty on you. untill they get the bankers boot. you would be better off punching a cop and go to prison then sufferbeing homeless and hunger, then they have won. all you built is gone, and now big bubba, our some diesel dyke, is your celly, there will be a lot of folks who will lose every thing, freinds, famly and self respect, they will not be alone because it will happen to millions.