Amid the dismal news of financial markets, a new report on the housing sector provides no relief. The closely-watched Case-Shiller index reports that homes in Californian metro areas are still rapidly losing value. Year-over-year changes in the index for Los Angeles, San Diego and San Francisco were -26.2%, -25% and -24.8%, respectively, with index declines from June to July at -1.6%, -1.8% and -1.8%, respectively.
California did not suffer the worst performance nationally; that anti-distinction went to Las Vegas, Phoenix and Miami. Seeking signs of good news – but finding few – the chairman of the S&P index committee, David M. Blitzer, said, "There are signs of a slow down in the rate of decline across metro areas, but no evidence of a bottom."