Standard & Poor’s reports(.pdf) that the decline in U.S. home prices is accelerating, both the seasonally adjusted and raw data showing the biggest monthly drop since … March of 2009.
Perhaps more important than the recent monthly changes is the stark new reality that year-over-year home price increases have turned back into price declines for the first time in almost a year, the effects of the expiration of the homebuyers tax credit earlier this year revealing a very weak housing market despite still freakishly low mortgage rates.
