Home prices fell at the fastest annual rate ever in the first quarter, but the pace of month-to-month declines continues to slow, a closely watched housing index showed Tuesday.
The Standard & Poor's/Case-Shiller National Home Price index reported home prices tumbled by 19.1 percent in the first quarter, the most in its 21-year history.
Home prices still haven't touched bottom. Watch how this sinks bank stocks in Q3 as losses on more foreclosures destroy their stress-tested capital cushions. No doubt the Plunge Protection Team will be alarmed at this death knell for the bear market rally.
I'm short SPY, building cash for a real estate purchase in 2010.
