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'Cause This is Shiller, Shiller Night

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The December Case-Shiller housing report is out this morning, and with it, evidence of the continued downdraft in the national housing market. Per Clusterstock: "Nationally, house prices are now back to late-2003 levels, down 27%-28% from the peak. They appear to be headed to a total peak-to-trough decline of at least 40%." (Silver lining: the rate of decline in prices is stabilizing, which is good news: "Before house price declines can start decelerating, they have to stop accelerating, and it seems we're finally there.") In NYC, prices fell 1.7% between November and December, putting the city down a mere 9.2% year-over-year. [Clusterstock]