"Excellent news: Despite the best efforts of misguided government policies (tax credits, mortgage mods, foreclosure abatements), and the Fed (ZIRP), home prices are falling towards normalized levels. (Yeah!)" -- Barry Ritholtz, The Big PictureThe widely-watched 10- and 20-City indices saw declines everywhere but DC; 11 cities hit fresh lows. Article and charts here.
The C-S, reported on the 4th Tuesday of every month, caps a week of dismal RE numbers: New Home Sales Fall to lowest since 1963; Existing Home Sales dove 9.6%; Feb Pending Home Sales (closing in March / April) were down 8.2% y/y; Housing Starts sank 22.5%.
Why Housing is 'Double Dipping' Even as the US Economy is in "Recovery.