The February Case Shiller numbers confirmed the trend we’ve seen in other housing reports: The rate of decline in house prices is finally decelerating.
This does NOT mean prices have bottomed. Far from it. This just means that, for the first time since the market peaked in 2007, the rate of plunge is finally slowing.
House prices still fell 19% year over year in February, close to the peak rate of January. They are down almost 30% from the peak now, and they will likely bottom down at least 40% and probably closer to 50%. But this is, finally, the first sign of a turn.
Rate of decline finally slowing but still near the peak rate of 19%:
Prices now at 2003 levels and will decline considerably more from here:
Most cities still seeing severe year-over-year declines:
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