The S&P/Case-Shiller Home Price Indices report for December 2008 was released yesterday.
"The broad downturn in the residential real estate market continues,” says David M. Blitzer, Chairman of the Index committee at Standard & Poor’s. “There are very few, if any, pockets of turnaround that one can see in the data. Most of the nation appears to remain on a downward path, with all of the 20 metro areas reporting annual declines, and eight of those MSA’s now with negative rates exceeding 20%.
The DC area's market continues to decline; YoY, prices fell 19.24%. Prices fell 2.3% from November to December. The DC area's home price index is now about equal to that of April 2004.
The charts below reflect home price data for the Washington, DC MSA.
On another note, I read in today's Wall Street Journal that Citibank "chafes under US overseers." Since I always try to solve problems, not gripe about them, I propose a solution below that should ease their chafing, at least until they repay the billions and billions of dollars they received from the US taxpayer.