Record Drop in February - "2001 prices" will be bottom

As reported in the NY times today, February was the worst drop in history. This data is from same-home sales. It is clear that we are still nowhere near bottom.

As they report:


"Joshua Shapiro, chief United States economist for MFR Inc., said in a note to clients that “it is unlikely that we are anywhere near a bottom in nationwide home prices.” He estimated the index was perhaps two-thirds of the way through its ultimate total decline.

That would bring big city prices back to where they were in late 2001 or early 2002..."