The national index fell 5.9% from June 2010, its fastest rate of decline since 2009. The 10- and 20-City indices declined 3.8% and 4.5%, respectively.
Also, consumer confidence plummeted to 44.5, the lowest number since April 2009 and not far above record lows. Markets were expecting 51.9, a big decline from 59.5 but not this dramatic.
Jack McCabe, president and CEO of McCabe Research & Consulting in Deerfield Beach, FL performs market analysis and consulting for major players in the national and local housing markets. McCabe began warning about a housing bubble as early as 2004. According to a recent interview in the Miami Herald, McCabe is looking at the percentage of total sales represented by short-sales and foreclosure sales.
He believes the worst is over when distressed sales represent 10% or less of total sales activity. According to the latest stats from Realty Track: foreclosure sales as a percentage of total sales are as follows: Michigan (41 percent); Nevada (65 percent); California (51 percent); Colorado (36 percent); Florida (35 percent); Illinois (34 percent); Oregon (33 percent); and Idaho (30 percent). So there’s still a lot of work to do to heal the residential housing market.