The latest numbers from S&P/Case-Shiller’s housing index prove that things haven’t gotten any better for housing in 2009. In fact, the data shows that prices declined 19.1% in the first quarter of the year (following an 18.2% drop in Q4 2008)! Remember, this index is an extremely good indicator of what’s actually happening in the market because it tracks prices for the *same* houses.
If you’re a Dividend Superstars subscriber, you probably just read my latest issue, which has an in-depth piece on what I make of the market right now. And this news fits perfectly with what I said there.
So does this story in the New York Post (not usually my go-to source for news, but still …). According to the piece, more than 40K houses purchased in the NY Metro region over the last five years are now under water. Big surprise, right?
Locally, I continue to see price reductions, too. Many are clearly holdovers from the bubble (i.e. owned by realtors and purchased two years ago at ridiculous prices).
Bottom line: I don’t see a housing bottom anytime soon.
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