Standard and Poor’s published their March Case Shiller Home Price Index today, and the news is not as good as some had hoped.  Home prices dropped virtually across the board, with the nationwide, 20 city index falling more than 19 percent year over year.

The only metropolitan areas showing slight increases were Charlotte (+0.30%), Dallas (+0.03%) and Denver (+0.11%).  The biggest loser was Minneapolis, which saw a decrease in its metropolitan area index of -6.07%, setting a record for the largest monthly decline seen since the index’s inception in 1987.

These dismal numbers indicate that housing has not yet found a bottom.  Furthermore, as has been mentioned several times on this site, an increase in foreclosure activity over the last few months will likely push prices down further.

This entry was posted on Tuesday, May 26th, 2009 at 1:33 pm and is filed under Mortgages. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.