If you’re caught up financially in the housing bubble (who isn’t these days?), you might want to skip this item. Home prices have fallen by 3.2 percent—the sharpest drop in 20 years, while the median price for homes has gone down for the 12th consecutive month—another record. That’s not good news for a market eager to return to the good ol’ days of easy loans and overpriced homes.
U.S. home prices fell 3.2 percent in the second quarter, the steepest rate of decline since Standard & Poor’s began its nationwide housing index in 1987, the research group said Tuesday.
The decline in home prices around the nation shows no evidence of a market recovery anytime soon, one of the architects of the index said.
MacroMarkets LLC Chief Economist Robert Shiller said the declining residential real estate market “shows no signs of slowing down.”