Housing Market Disaster

Remember all the experts reminding us the aggregate housing market had never declined since the Great Depression? That myth was shattered by today’s Case-Shiller 20-City Index showed a huge 14.4% decline in the March 2008 compared with March, 2007 prices. This is average of the 20 cities. Las Vegas was down nearly 26%. This was the biggest decline in the index has seen since it was started in 1988. Other areas not in the index, such as shore and vacation properties show an even bigger decline.

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