The Standard & Poor's/Case-Shiller housing index tumbled again in July, which isn't necessarily the most shocking news?except on the day the real estate boom died. The survey only includes single-family homes, not co-ops or condos, so the majority of high-end Manhattan deals are left out. For the 12-month period ending in July, the Post reports, the going-rate for those New York homes tumbled 7.4%. Overall, the 20-city index fell a record 16.3% compared to this point last year, and no cities saw a price gain for the fourth straight month. New York wasn't so bad off?there were staggering declines in Las Vegas, Phoenix and Miami?and between May and July, single-family home prices in New York fell at a cumulative rate of 2.2 percent, which was less than half the decline between February and April. Given the exclusion of co-ops and condos, this doesn't really tell us much, but the major brokerages' quarterly sales reports are due at the end of this week, and that should be fun.
· NY Home-$$ Bubble Bursts [NYP]
· Oct. 1, 2008: The Day the Real Estate Bubble Died [Curbed]