Home prices fall in 100 major metro areas in the first half of 2008.
Median national home prices down 7.7% in Q1 to $196,300.
Biggest Losers:
Sacramento, CA down 29.2%
Riverside, CA down 27.7%
Lansing,MI down 26.9%
Biggest Gainers:
Binghamton, NY up 11.8%
Peoria, IL up 10.4%
Spartanburg, SC up 10.1%
See the full video from CNBC.
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The Wall Street Jornal posted an article stating that we have hit a point where according to history it is time for the cycle to reverse. The graph shows housing starts (per thousand) versus time (in years) in correlation to a recession. Read the full story from the Wall Street Journal.
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As of today, February 16, more are more signs are leading towards a further declining market:
U.S import prices went up by 1.7% which was driven by increased prices for oil
Export prices increased 1.2% which was the largest jump since 1989.
The Reuters/University of Michigan index of consumer sentiment dropped to 69.6 which was the lowest it [...]