Case-Shiller Index Fell Over 15% in April

Dang.

Home prices in 20 U.S. metropolitan areas fell in April by the most on record, signaling the housing recession is far from over, a private survey showed today.

The S&P/Case-Shiller home-price index dropped 15.3 percent from a year earlier, less than forecast, after a 14.3 percent decline in March. The gauge has fallen every month since January 2007. The group began keeping year-over-year records in 2001.

From the frying pan and into the fire. This correction is becoming severe. With falling incomes due to this recessionary shock, plus the market doing so poorly and housing prices continuing to drop, and on top of that food and energy prices escalating the way they are, who knows how bad it's going to be. For the poorest people in the country, many of them are foreclosing, losing jobs, and seeing their incomes dwindling as the share of their budget devoted to food and energy climbs. Such hard times ahead.