The latest S&P/Case-Shiller indix numbers are out today, which showed that the 20-city composite index dropped 2.8 percent in May from year-ago levels -- the largest YOY drop in six years. The 10-city composite index dropped 3.4 percent, its largest decrease since 1991. The formal press release is available here. From Bloomberg:
The declines indicate that housing will continue to hamstring the world's largest economy, economists say ... "Things are getting worse rather than better,'' said Sal Guatieri, senior economist at BMO Capital Markets in Toronto. "If home prices keep falling, eventually consumer confidence and spending will take a hit.''
Coverage from National Mortgage News took a decidedly more positive tack on the news, however, noting that price performance has improved in key metropolitan areas:
... prices in eight of the 20 metropolitan areas surveyed showed positive monthly growth rates, compared with only one or two in the late winter and early spring. "We need a few more months of data, however, to determine if this is the beginning of a national turnaround, since the national trend is still at a sharp deceleration," [Robert] Shiller said.
The Case-Shiller indices are one of roughly three major housing price indexes used by various economists -- I've posted about recent interest in the relative merits of each index in the recent past.