The indexes showed prices in 10 major metropolitan areas fell 4.5% in November from a year earlier, while the index for 20 major metropolitan areas dropped 5.3% on the year.Both indexes declined 0.2% compared with October. Adjusted for season factors, the 10-city index was flat on the month, while the 20-city composite fell 0.1%.
Let's look at the data:
On a year over year basis, the price picture continues to improve -- the rate of decline continues to lessen.
However -- this is where the concern sets in. Notice the 13 cities saw a drop in prices. That is not a good development. While the drop of .2% isn't concerning because of its size, downward movement is not welcome.
1 comment:
One glimmer of good news is the rebound coming fron California,,,this is very important
in that the banking system has a lot of collateral located in California specifically Bank of America with Countrywide,Wells Fargo with Wachovia and JP Morgan with Washington Mutual
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