The housing price slide is slowing these days, but it’s still a slide. That’s the bottom line in today’s data from widely watched S&P/Case-Shiller Home Price Indices.
Twin Cities housing prices in February remained about 20 percent down from February last year, the data show. That’s slightly worse than the 18.6 percent average drop among the 20 metro markets tracked by the indices.
So if you’re looking for some glimmers in this report: “For the first time in 16 months, however, the annual decline of the 10-City and 20-City composites did not set a new record.”
Housing values are crucial for lots of reasons. For many people it is the single most valuable asset they’ll ever own. The run-up in value during the early part of the decade offered people an inflated sense of their personal wealth.
Now, wealth people once counted on for vacations, retirement, financing college for their children and other goals is gone, at least in the short term.