The monthly rate of home price decline is now rivaling that seen during the Great Recession – the question now facing housing analysts is how long it will continue to do so, and how far off peaks prices will drop.
July and August this year marked the largest single-month price declines seen since January 2009 and rank among the eight largest on record, according to a report Monday from Black Knight.
Its Home Price Index (HPI), median home prices fell 0.98% in August, just a slight tick better than July's upwardly revised 1.05% monthly decline. It was the sharpest contractions seen in more than 13 years.
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