The S&P/Case-Shiller home price index dropped 16.3 % compared to a year earlier.
The S&P/Case-Shiller home-price index dropped 16.3 percent from a year earlier, more than forecast, after a 15.9 percent decline in June. The gauge has fallen every month since January 2007, and year-over-year records began in 2001.
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``While some cities did show some marginal improvement over last month's data, there is still very little evidence of any particular region experiencing an absolute turnaround,'' David Blitzer, chairman of the index committee at S&P, said in a statement.
Well we have been telling there are more problems with the housing including the economy (jobs) and interest rates. The key question on the interest rates is going to be how the foreign banks respond to the bailout. If they won't buy the debt, either the interest rates will have to go up or we will have to monetize the debt leading to hyperinflation.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aEyKpTpk90C0&refer=home
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