The Mortgage News: Release of S&P Case-Shiller Home Price Indices (TM Fiserv, Inc.) for December, 2008

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2. Release of S&P Case-Shiller Home Price Indices (TM Fiserv, Inc.) for December, 2008
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10. Updated Estimate of Direct Federal Loans to Be Made Under the AllStreets Bailout Plan
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Release of S&P Case-Shiller Home Price Indices (TM Fiserv, Inc.) for December, 2008

The S&P Case-Shiller Indices for data through December, 2008 were released on February 24. The U.S. national index showed a record decline of 18.2% year over year. From the peak in August, 2006 national home prices are down an average of 26.7%. The declines occurred broadly in almost all areas of the country. Regarding the 20 metro areas tracked in one index, "Eighteen of the 20 metro areas are in double digit declines from their peaks, with half of the MSA’s ["metropolitan statistical areas"] posting declines of greater than 20% and four of those (Las Vegas, Miami, Phoenix and San Francisco) in excess of 40%." No relief in sight. The prospect for massive numbers of owners walking away from their mortgages is alarming. That would be a tremendous blow to the banking system, probably way worse than what has been recognized to date on bank balance sheets. The federal government had better do something soon to shift debt from mortgages to non-secured loans to prevent the situation from getting completely and irreversibly out of hand. We recommend The AllStreets Bailout Plan, or any plan very much like it.

Posted by The Mortgage News at 3/1/2009 5:31 PM