Economic Credentials from the Cracker-Jack Box
S&P: US Home Price Decline Accelerates
By VINNEE TONG The Associated Press Tuesday, September 25, 2007; 9:49 AM
NEW YORK -- The decline in U.S. home prices accelerated nationwide in July, posting the steepest drop in 16 years, according to the S&P/Case-Shiller home price index released Tuesday.
Home prices have fallen by more every month since the beginning of the year.
An index of 10 U.S. cities fell 4.5 percent in July from a year ago. That was the biggest drop since July 1991.
"The further deceleration in prices is still apparent across the majority of regions," MacroMarkets LLC Chief Economist Robert Shiller said in a statement.
. . . Shiller, an economist at Yale University, told lawmakers in written comments last week that the loss of a boom mentality among consumers poses a "significant risk" of a recession within the next year. . .
________________________________________________________________
That's what they teach in the Economics Department at Yale these days?--th…