Home prices across the nation declined by 3.2% in the second quarter from a year earlier, suggesting the housing downturn has deepened, according to the S&P/Case-Shiller U.S. National Home Price Index.
The national index, which measures all nine U.S. Census divisions, fell to 183.89 last quarter from 189.93 in the same period in 2006, S&P said in a statement.
"This number may still not be at its lowest," Maureen Maitland of S&P told CNBC. "Many people, including Standard & Poor's economists, expect further declines in home prices throughout the year. They're looking for the bottom to go through the end of the year and turn around in 2008."
Here is the difference between this index and the price data in the post two posts below:
The S&P/Case-Shiller index and another by the Office of Federal Housing Enterprise Oversight track the same home over time and more accurately reflect price trends, economists said.
Gauges from the Commerce Department and the National Association of Realtors can be influenced by changes in the types of homes sold. Higher sales of cheaper homes relative to more-expensive properties will bias the figures down.
This index makes a heck of a lot more sense given the current inventory glut in existing homes.
