Home Prices Plummet 11.4%

After an unexpected piece of good news yesterday indicating the first increase in housing starts in recent memory, the housing market took two steps back today when Standard and Poors reported that its S&P/Case-Shiller home-price index plunged 11.4% Y/Y and 2.3% from December, causing S&P index committee chairman David M. Blitzer to remark, “Unfortunately, it does not look like early 2008 is marking any turnaround in the housing market.” Thanks for the heads-up Dave.

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