“ ‘08 is going to be worse”...

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Good evening. The Case-Schiller index -- the one that calculates home price trends by tracking the sales histories of individual houses -- shows local prices falling by 7% in the past year.

From the LATimes: ‘U.S. home prices continued to fall at a fast pace, and price declines in Los Angeles and Orange counties outpaced other major metropolitan areas in September, a national index released today shows.

More: ‘Local prices dropped 7% from a year earlier, according to the Standard & Poor’s/Case-Shiller composite index. The index showed that home prices fell an average of 4.9% in 20 metro areas nationwide.’

So what does next year look like? Not good for new home sales, according to the CEO of D.R. Horton: ‘Donald Tomnitz, speaking at a JPMorgan Chase & Co. conference in Las Vegas, said that ‘ ‘08 is going to be worse than ’07 for us and for the industry in general.’ ‘

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Photo Credit: LATimes