NEW YORK (AP) -- A closely watched study shows U.S. home prices falling 8.9 percent in the fourth quarter of 2007. That marks the largest drop in the index's 20-year history and a full year of declining values.
The Standard & Poor's/Case Shiller home price indices reflect year-over-year declines in 17 metropolitan areas with double-digit declines in eight of them. Index architect Robert J. Shiller said "wherever you look things look bleak."
The quarterly index tracks prices of existing-family homes nationwide compared with a year earlier.
Shucks and here I was missing out on the 'American Dream' by renting. Had I taken the advice of the "experts" and bought a house in the summer I would have lost thousands of dollars. The house I live in now would cost in the $500K to $600K to buy. Had I bought it instead of rented it, I would have lost about $45K, just in the last 3 months of 2007. I don't know about you but the 'pride of ownership' isn't worth $15K a month. I'll stick to slumming it out as a renter for now thank you very much.
Who wants to bet that later on today some fool from the NAR (National Association of (lying) Realtors) says the bottom is near? And who wants to bet some talking head moron on CNBC or Fox Business says there has never been a better time to buy? And how much do you want to bet that 6 months from now when prices are down another 10%, none of these bafoons will own up to their misguided advice?