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Housing prices tumble, again

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More proof that we're far from being out of the woods with this economy. While there have been plenty of encouraging signs (such the employment numbers) the housing numbers are awful. There have been a few exceptions (Washington, DC being one - which may explain why Congress fails to appreciate the severity of the crisis) most of the country continues to drop. We can't expect growth until there is at least some stability to the falling numbers. CNNMoney:

The housing market started off the new year with a thud. Home prices dropped for the fifth consecutive month in January, reaching their lowest point since the end of 2002.

The average home sold in that month lost 0.8% of its value, compared with a month earlier, and prices were down 3.8% from 12 months earlier, according to the S&P/Case-Shiller home price index of 20 major markets.

Home prices have fallen a whopping 34.4% from the peak set in July, 2006.
A scary thought for consideration is that Robert Shiller is discussing the possibility "that we will never in our lifetime see a rebound in these prices in the suburbs." Wow.

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