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More bad news for the housing sector today. The S&P/Case-Shiller Home Price index, a measure of housing prices developed by Yale prof Robert Shiller and Standard & Poors, reports a continued slowing again for April, the 17th consecutive month of the slump. While some cities such as Portland and Charlotte are still in positive territory, the composite numbers for the ten and twenty big markets both saw declines around 2% year-over-year. The hardest hit cities were Washington and Tampa, both down over 5%. Top peformer was Seattle, up 9%. Go Starbucks, Boeing and Microsoft!
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.