On Eve Of State Of The Union, The Housing Market Is Hitting The Skids

As we already noted, it took Peter Baker several thousand words to say nothing at all about the overall decline of the housing market that lies at ground zero of the economic collapse. Tonight, the president himself will have the opportunit…

As we already noted, it took Peter Baker several thousand words to say nothing at all about the overall decline of the housing market that lies at ground zero of the economic collapse. Tonight, the president himself will have the opportunity to say several thousand more words about matters of great import to Americans. Will he mention anything about housing? We’ll see, but we’re guessing that he probably does not want to say something like, “The state of our union is in peril, because its citizens reside mainly in a bunch of shanties that are rapidly declining in value.”

The Washington Post‘s Dina ElBoghdady, thankfully, minces few words in a piece titled, “Home prices fall in nearly all major cities, heightening fears of double dip.” And the picture she paints is not pretty:

From October to November, prices fell in 19 of the 20 metro areas tracked by the Standard & Poor’s/Case-Shiller index, widely considered a gauge of the housing market’s health. The only exception was San Diego, where prices were basically unchanged.
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