Home Prices Around the Nation

Published Apr 03, 2008 | RSS Feed

| Text Size Descrease article text

Home prices in most cities are well below what they were only one year ago. See how the price per square foot has changed in 25 metro areas.

Metro Areas: Most Expensive to Least Expensive (Price Per Square Foot)

Rank	Metro Area	PPSF	Year-Over-Year Price Change
1	San Jose, CA	$418.54	-8.8%
2	San Francisco, CA	$367.28	-13.3%
3	Los Angeles, CA	$325.42	-16.6%
4	New York, NY	$292.07	2.0%
5	San Diego, CA	$264.17	-21.2%
6	Washington D.C	$214.07	-8.7%
7	Seattle, WA	$210.20	-1.4%
8	Boston, MA	$207.39	-9.0%
9	Miami, FL	$176.02	-14.4%
10	Chicago, IL	$171.78	-3.2%
11	Sacramento, CA	$165.66	-27.8%
12	Philadelphia, PA	$148.05	-0.9%
13	Minneapolis, MN	$143.34	-7.2%
14	Las Vegas, NV	$136.61	-25.4%
15	Phoenix, AZ	$135.74	-14.6%
16	Denver, CO	$127.71	-9.1%
17	Tampa, FL	$117.08	-15.6%
18	Jacksonville, FL	$113.80	-3.9%
19	Milwaukee, WI	$105.80	-0.8%
20	St Louis, MO	$105.66	-3.0%
21	Charlotte, NC	$95.54	3.9%
22	Detroit, MI	$94.79	-13.2%
23	Columbus, OH	$91.63	-2.4%
24	Atlanta, GA	$91.41	-9.2%
25	Cleveland, OH	$84.91	-6.1%

Source: RPX Monthly Housing Report

Radar Logic's RPX Monthly Housing Market Report, which measures prices per square foot for homes in the top 25 metro areas, ranks San Jose, San Francisco and Los Angeles as the three most expensive metropolitan areas.

Columbus, Atlanta and Cleveland are among the cheapest. Homes in these three metro areas cost nearly 80 percent less per square foot than homes in San Jose, California.

Out of the 25 metropolitan areas that Radar Logic tracks, 23 areas documented home price declines in the last 12 months. Prices fell the most in Sacramento, plummeting 27.8 percent in a year-over-year comparison. Declines were also pronounced in Las Vegas and San Diego, where prices fell 25.4 percent and 21.2 percent respectively.

Only two metro areas, Charlotte and New York, saw modest price increases. In New York, prices per square foot climbed two percent; in Charlotte, prices rose 3.9 percent.

Freddie and Fannie Face Off Against Mortgage Borrowers Who Walk Away

Lenders are becoming increasingly frustrated as a growing number of borrowers make the decision to walk-away from mortgage obligations. Freddie Mac and Fannie Mae are so fed up that they've decided to aggressively pursue 'walkaways' and prohibit foreclosed borrowers from getting another mortgage.

Senate Agrees to Mortgage Bailout for Bankers and Builders

U.S. Senators passed the ridiculously titled Foreclosure Prevention Act on Thursday. Although lawmakers are admitting their new bill isn't perfect, they are doing very little to explain why they are giving billions in tax breaks to the industries that helped to facilitate the housing crisis.

Only 29 Percent of Americans Approve of a Government-Led Mortgage Bailout

Rasmussen Reports, a polling firm that is frequently praised for its accuracy and reliability, recently conducted several polls on mortgage bailouts. According to their findings, the majority of Americans don't think homeowners should receive assistance from the federal government.