Home Prices at 2004 Levels

If you live in one of the 7 green states--congratulations.

clipped from blogs.wsj.com It’s a big week for home price data. Yesterday, the National Association of Realtors reported an unexpected rise in existing-home sales. Today the S&P/Case-Shiller home price index reported record rates of annual decline in 11 of 20 metro areas. Another survey released Monday also shows dramatic price erosion nationwide, this one from First American CoreLogic and its LoanPerformance Home Price Index, which tracks resales of single-family homes. Since peaking in July of 2006, home prices have tumbled 18.5% to levels last seen in the spring of 2004. In November alone, CoreLogic reports a 10.2% year-over-year decline — with early numbers showing continued pain in December — the 10th straight month with declines above 10%.