Home Prices Fell in August for the 8th Straight Month
U.S. home prices fell nationwide in August for the eighth consecutive month, according to the S&P/Case-Shiller index released Tuesday, startribune.com reports.
According to economist Robert Shiller, who helped create the index, "there is really no positive news in today's report." He later went on to say that "the fall in home prices is showing no real signs of a slowdown or a turnaround" in both the national and the metro levels, USAToday.com reports.
Home prices have fallen every month this year. August 2007 is the 21st month of declaring returns as well. 20 popular metropolitan areas had at least a 4 percent drop in annual returns in August from a year ago. This includes Minneapolis, where it showed a 4 percent drop.
Housing prices has been a big worry to our economy and to its consumers. Many believe that our economy will go into recession, due to the summer's steep decline in credit availability and the information from this new index.
This index is designed to track prices of typical single-family homes, according to startribune.com.
Lastly, the National Association of Realtors said sales of existing homes fell 8 percent in September, the largest decline since 1999.
This story was interesting to look at when deciphering between the two sources because they were both taken from the exact same story, written by Vinnee Tong. However, USA Today cuts the story about 5 paragraphs before the Star Tribune does. The Star Tribune report includes information pertaining to which cities have the lowest return, including Minneapolis, as well as the statistics pertaining to September. I do not know why USA Today did not include that. Lastly, the reason I picked this random story is because my Dad is a Realtor, so I have been hearing about this problem for almost two years, and I am very effected by it.