Arriving in the howling arctic wastes that were once the eastern seaboard of the United States of America, the S&P/Case-Shiller Home Price Index is out. The 10-City Composite increased (barely) 0.2% while the 20-City Composite fell 0.8%, and home prices fell in all 20 metropolitan areas covered by the index.
Pay attention to that chart in the PDF: home prices are officially on the decline as the 20-city composite is negative and the Case Shiller numbers are always 3 months behind. The real extent of the damage won't be known for some time, but it's going to be fugly. Remember, for a vast majority of the American people, what little wealth they have is represented by their homes.
That wealth is vanishing as home prices are back into plunge mode.
As bad as 2010 was, 2011 is going to be friggin' brutal.
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