Like the MIT/CRE Property Index, Standard & Poor’s also tracks commercial real estate (CRE) prices for various commercial property types.

Today’s results, including data gathered up to November 2007, further confirms the recent slowdown seen in the commercial real estate markets with the National composite index declining 1.36% since the peak set in August 2007.

Most components experienced weakness as compared to respective peaks set between July and August 2007 with the Office component showing a 5.24% peak decline, the Retail component showing a 2.01% peak decline, the Warehouse component showing a 1.57% peak decline and the Apartment component showing an increase of 2.44% as compared to November 2006.

Like the MIT/CRE Property Index, Standard & Poor’s also tracks commercial real estate (CRE) prices for various commercial property types.

Although recent results have revealed some slowing across all classes of commercial real estate, December’s results show a continuation of price growth.

All components experienced growth both on a year-over-year basis and as compared to the prior monthly result with the greatest gains seen in office properties.

The charts below show the National index and the component indices since 1993 (click for larger).

Like the MIT/CRE Property Index, Standard & Poor’s also tracks commercial real estate (CRE) prices for various commercial property types.

Although recent results have revealed some slowing across all classes of commercial real estate, January’s results again show a continuation of price growth.

All components experienced growth both on a year-over-year basis with all but the “office” component gaining as compared to the prior monthly result.

The charts below show the National index and the component indices since 1994 (click for larger).

Today, the Bureau of Economic Analysis (BEA) released their second installment of the Q3 2007 GDP report showing an upwardly revised growth rate of 4.9%, buoyed by strength in, among other things, nonresidential structures, outstanding exports of goods, and federal, state and local government spending while continuing to be weighed down by tremendous weakness to fixed residential investment.

Today, the Bureau of Economic Analysis (BEA) released their third and final installment of the Q3 2007 GDP report showing an annual growth rate of 4.9%, buoyed by strength in, among other things, nonresidential structures, outstanding exports of goods, and federal, state and local government spending while continuing to be weighed down by tremendous weakness to fixed residential investment.

Today, the Bureau of Economic Analysis (BEA) released their first installment of the Q3 2007 GDP report showing a better than expected growth rate of 3.9%, buoyed by strength in, among other things, nonresidential structures, outstanding exports of goods, and federal, state and local government spending while continuing to be weighed down by tremendous weakness to fixed residential investment.

Today, the U.S. Census Bureau released their January read of construction spending again demonstrating the significant extent to which private residential construction is contracting particularly for single family structures.

With the tremendous weakening trend continuing, total residential construction spending fell 19.69% as compared to January 2007 and 34.52% from the peak set in February 2006.

Worse off though was private single family residential construction spending which declined 32.13% as compared to January 2007 and a truly grotesque 49.75% from the peak also set in February 2006.

Today, the Bureau of Economic Analysis (BEA) released their second preliminary installment of the Q1 2008 GDP report showing a anemic annual growth rate of 0.9%.

This continuation of dramatically slower growth was primarily the result of accelerating declines in fixed residential investment, a moderate decline in fixed non-residential investment, and far from outstanding growth in both the export of goods and services.

In fact, the continuation of typical growth rates for exports seems to further suggest that the exceptional growth seen during Q3 2007 was an temporary aberration, a result of there being a brief disconnect between the slowing U.S. economy (and weak dollar) and the rest of the world economies relative strength.

Today, the U.S. Census Bureau released their February read of construction spending again demonstrating the significant extent to which private residential construction is contracting particularly for single family structures and giving a clear indication that a non-residential downturn is now well underway.

With the tremendous weakening trend continuing, total residential construction spending fell 18.83% as compared to February 2007 and 34.35% from the peak set in February 2006.

Worse off though was private single family residential construction spending which declined 33.56% as compared to February 2007 and a truly grotesque 52.41% from the peak set in February 2006.

Today, the U.S. Census Bureau released their April read of construction spending again demonstrating the significant extent to which private residential construction is contracting particularly for single family structures while non-residential spending continued to grow essentially in-line with its recent expansion.

With the tremendous weakening trend continuing, total residential construction spending fell 21.01% as compared to April 2007 and 37.39% from the peak set in February 2006.

Worse off though was private single family residential construction spending which declined 37.51% as compared to April 2007 and a truly grotesque 56.07% from the peak set in February 2006.

Today, the Bureau of Economic Analysis (BEA) released their first installment of the Q4 2007 GDP report showing a truly anemic annual growth rate of 0.6%.

Last week, the U.S. Census Bureau released their December read of construction spending again demonstrated the significant extent to which private residential construction is contracting particularly for single family structures.

With the tremendous weakening trend continuing, total residential construction spending fell 20.44% as compared to December 2006 and 33.62% from the peak set in February 2006.

Worse off though was private single family residential construction spending which declined 30.80% as compared to December 2006 and a truly grotesque 47.09% from the peak also set in February 2006.

Yesterday, the U.S. Census Bureau released their November read of construction spending again demonstrated the significant extent to which private residential construction is contracting particularly for single family structures.

With the tremendous weakening trend continuing, total residential construction spending fell 17.81% as compared to November 2006 and 30.33% from the peak set in February 2006.

Today, the Bureau of Economic Analysis (BEA) released their second installment of the Q4 2007 GDP report showing a truly anemic annual growth rate of 0.6%.

This stunning reversal from the exceptionally “hot” rate of growth seen in Q3 2007 was fueled primarily by accelerating declines in fixed residential investment, slowing growth to fixed non-residential investment, and a sudden deceleration in the export of goods to a much weaker 4.0% growth rate.

In fact, the deceleration to the export of goods was so severe that it seems altogether possible that the Q3 26.6% growth rate was an temporary aberration, a result of there being a brief disconnect between the slowing U.S. economy (and weak dollar) and the rest of the world economies relative strength.

The Mortgage Bankers Association (MBA) publishes the results of a weekly applications survey that covers roughly 50 percent of all residential mortgage originations and tracks the average interest rate for 30 year and 15 year fixed rate mortgages, 1 year ARMs as well as application volume for both purchase and refinance applications.

The purchase application index has been highlighted as a particularly important data series as it very broadly captures the demand side of residential real estate for both new and existing home purchases.

I’ve decided to convert the “Constructing Capitulation” monthly wrapup post of all the economic bits and pieces I track into a recurring document with embedded images, data and narration.

I’ll continue to develop this document in coming months adding additional narration and data as well as perfecting the format and content.

Overview

Looking back at January’s results (released throughout February and into March) it now seems very possible that the nation’s housing markets, having just entered its third year of unprecedented nationwide contraction, are now poised to take another even more severe leg down with precipitously falling home prices, palpable recession, and significant inflation of food and fuel all working to depress sentiment and, in turn, stifle both general consumption and housing demand.

Today, the U.S. Census Department released its monthly New Residential Home Sales Report for January showing continued deterioration of the already hideous falloff in demand for new residential homes both nationally and in every region resulting in an astounding median sales price drop of 15.09%.

On a year-over-year basis new home sales are continuing to weaken, dropping a truly ugly 33.9% below the sales activity seen in January 2007 and plunging a whopping 56.67% since the peak set in July 2005.

It’s important to keep in mind that these declines are coming on the back of the significant declines seen in 2006 and 2007 further indicating the significance of the housing bust.

Today, the U.S. Census Department released its monthly New Residential Home Sales Report for April showing continued deterioration in demand for new residential homes across every tracked region resulting in a startling 42.0% year-over-year decline and a truly whopping 62.13% peak sales decline nationally.

It’s important to keep in mind that these dramatic declines are coming on the back of the significant declines seen in 2006 and 2007 further indicating the enormity of the housing bust and clearly dispelling any notion of a bottom being reached.

The Mortgage Bankers Association (MBA) publishes the results of a weekly applications survey that covers roughly 50 percent of all residential mortgage originations and tracks the average interest rate for 30 year and 15 year fixed rate mortgages, 1 year ARMs as well as application volume for both purchase and refinance applications.

Today, the U.S. Census Department released its monthly New Residential Home Sales Report for December showing accelerating deterioration of the already hideous falloff in demand for new residential homes both nationally and in every region resulting in an astounding median sales price drop of 10.42%.

Additionally, 2007 marked the single worst declines in new home sales ever recorded in the 45 years the data has been tracked.

The Mortgage Bankers Association (MBA) publishes the results of weekly applications survey that covers roughly 50 percent of all residential mortgage originations and tracks the average interest rate for 30 year and 15 year fixed rate mortgages as well as application volume for both purchase and refinance applications.

The Mortgage Bankers Association (MBA) publishes the results of a weekly applications survey that covers roughly 50 percent of all residential mortgage originations and tracks the average interest rate for 30 year and 15 year fixed rate mortgages as well as application volume for both purchase and refinance applications.

The Mortgage Bankers Association (MBA) publishes the results of a weekly applications survey that covers roughly 50 percent of all residential mortgage originations and tracks the average interest rate for 30 year and 15 year fixed rate mortgages as well as application volume for both purchase and refinance applications.

The Mortgage Bankers Association (MBA) publishes the results of a weekly applications survey that covers roughly 50 percent of all residential mortgage originations and tracks the average interest rate for 30 year and 15 year fixed rate mortgages, 1 year ARMs as well as application volume for both purchase and refinance applications.

The Mortgage Bankers Association (MBA) publishes the results of a weekly applications survey that covers roughly 50 percent of all residential mortgage originations and tracks the average interest rate for 30 year and 15 year fixed rate mortgages as well as application volume for both purchase and refinance applications.

The Mortgage Bankers Association (MBA) publishes the results of a weekly applications survey that covers roughly 50 percent of all residential mortgage originations and tracks the average interest rate for 30 year and 15 year fixed rate mortgages as well as application volume for both purchase and refinance applications.

Today, the U.S. Census Department released its monthly New Residential Home Sales Report for November showing a further deterioration of the already hideous falloff in demand for new residential homes both nationally and in every region as well as again reporting significant downward revisions to August, September and October’s results.

Today’s New Residential Construction Report continues to firmly indicate the intensity of the second leg down in the decline to the nation’s housing markets and for new residential construction showing substantial declines on a year-over-year and month-to-month basis to single family permits both nationally and across every region.