"“We have lent a huge amount of money to the U.S. Of course we are concerned about the safety of our assets. To be honest, I am definitely a little worried.” "

Chinese premier Wen Jiabao 12th March 2009

""We have a financial system that is run by private shareholders, managed by private institutions, and we'd like to do our best to preserve that system."

Timothy Geithner US Secretary of the Treasury, previously President of the Federal Reserve Bank of New York.1/3/2009

Friday, February 29, 2008

Case-Shiller numbers out for Q4 2007 - US house price slump accelerates

The Case-Shiller HPI numbers are out for December. Worse news than the snow for San Diego.

The low-, mid-, and high-priced tiers were respectively down 3.8%, 3.3%, and 3.1% from the prior month.

The aggregate index was down 3.4%. The pace is picking up for the correction on the high-end -- December represents the first monthly decline of over 2% (let alone over 3%) for that tier.

The tally for calendar year 2007 was: -23.1% for the low tier (Gulp !!), -16.0% for the middle tier, -8.6% for the high tier, and -15.0% overall.

Read the Standard & Poors Fact Sheet on how the Case - Shiller Index works. and get all the data sheets relating to historical prices and Q4 2007 published 26th Feb 2008 here

Lord Patel said on January 3rd 2007 "If you live in the US ... the only thing you will buy cheaper in a year's time is your house." see The Mysterious case of the disappearing M3

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