It’s Almost Unanimous!

It's an avalanche! Housing falls in 19 of 20 metro areas...and the 20th? No change.

Inquiring minds are noticing that the real estate numbers are deteriorating almost everywhere. The newest numbers show that prices declined in all but California’s metro areas:

Home prices slipped in nearly every major metropolitan area in November, with a few cities hitting their lowest levels since prices peaked about four years ago, according to a closely watched index released Tuesday.

From October to November, prices fell in 19 of the 20 metro areas tracked by the Standard & Poor’s/Case-Shiller index, widely considered a gauge of the housing market’s health. The only exception was San Diego, where prices were basically unchanged.

Only four areas posted year-over-year gains in November, including Los Angeles, San Diego, San Francisco and the Washington region. California’s cities are about to begin their long climb down too. They have been spared so far by an incredible shadow inventory yet to be released. Washington, DC will also see its bubble burst as the Federal government begins dieting from the Obama/Bush hiring orgy of the last several years.

There is much more when you click on the link above to the article.


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