47 States and Washington, DC had home price declines from March 2008 to March 2009. According to the S&Pr’s/Case-Shiller National Home Price index, the measure that’s most widely watched on Walls, home prices have fallen 32% after peaking in q2 of FY2006.
National home prices continue to set record declines. The question however is: is U.S. housing market crash close to being over, or is the end still far away.
As you can see from chart, a significant inventory overhang remains within the housing market. Meanwhile, house prices keep deteriorating, further depressing single-family economic conditions.
Credit delinquencies and losses continue to increase.