Housing Market Has Persistent Case of the Blahs: Edward Glaeser
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June 7 (Bloomberg) -- The seasonally adjusted S&P/Case-Shiller index of housing prices in 20 cities has now fallen fornine consecutive months, but before we get all hot and botheredabout another collapse, we should recognize the relativelymodest nature of the current double dip.
The seasonally adjusted decline since last June has beenonly about 4 percent, whereas the decline from April 2006 to May2009 was 32 percent. The current drop seems less like a secondbig bust, and more like just another phase of a long period ofthe housing blahs.