Case Shiller for September 2008 continued its downward trend. The Portland index is down to 169.67 compared to August’s 171.93 and a high of 186.51 in July 2007. September’s mark is at about the same level we had in March 2006 (169.87). The index is down 9.0% from its high. The S&P500 index is down 25.2% from March 2006 – October 2008 (calculated here).
According to SFGATE:
“There wasn’t a good number in there, but these numbers don’t really
reflect what’s happening now,” said Patrick Newport, U.S. economist
with Englewood, Colo., consulting firm IHS Global Insight, noting that
the bad economic news began midway through September and has worsened
since. “We should expect really awful housing (data) for the rest of
the year.” (more…)