Tuesday, October 28, 2008

Home Prices Post Record Decline

The housing market continues to adjust from the bubble days.

The S&P/Case-Shiller home-price indexes showed home prices in 10 major metropolitan areas fell a record 17.7% in August from a year earlier and 1.1% from July.

Falling prices will help the market clear the supply overhang and, as a bonus,will make housing much more affordable. Given the likely inflation ahead, it's probably a very good time to start looking for your dream house.

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