NY Times:
Consumer Confidence Slips as Home Prices Drop. “In the 12 months ended in February, the Case-Shiller home price index, which measures the value of single-family homes in 10 major metropolitan regions, fell 13.6 percent, the worst decline since records began in 1987. A broader 20-city index dropped 12.7 percent. The slump in home prices was more severe than the worst point of the recession of the 1990s, the last time values fell so far, so quickly.”
Related: Countrywide posts $893 million loss. “Some 9.3 percent of the loans in Countrywide’s mortgage servicing portfolio were delinquent as of March 31, up from 4.9 percent a year earlier. About 4.8 percent were 90 days or more behind in payments ...”
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