December 2007 Case Shiller Update

Well the new Case-Shiller numbers for December are out and they show no signs of a stabilization in home prices. Frankly, this shouldn't surprise anybody. We already have a lot of other data from December and we already know that it is was one of the worst months for real estate in recent memory - the Case Shiller numbers just confirm that. Here's how San Dieg0, the 10 City Composite, and the 20 City Composite have performed since San Diego's peak:



Other Notes:
The 10 City Composite is down 11.37% since its peak in June 2006.
The 20 City Composite is down 10.49% since its peak in July 2006.

While Robert Shiller never gets too excited, he certainly doesn't sound thrilled with the housing numbers he is looking at or what it might mean for the economy. My favorite quote from the interview is the following:

"The market has been getting worse by the month, that's been the problem. I'm looking forward to the day when it is not getting worse, when it is going down but at a slower pace. It is not clear from this that we have that news yet."

I think it is safe to say that we are all looking forward to the day when it is getting worse at a slower pace, or even better when it starts getting better . . .