See Where Home Prices Are Falling

Published Jan 30, 2008 | RSS Feed

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Major metropolitan areas across the U.S. are experiencing double-digit home price declines, according to a Standard & Poor index released Tuesday. The declines are being referred to as the largest price drops seen since World War II.

S&P/Case-Shiller Home Price Index is recognized by the industry as being the most accurate barometer of national home prices because the index tracks repeat same-home sales over a long period.

The most recent index, which includes home price information through November, demonstrates yet another 'grim milestone in the housing market', according to noted housing expert and co-creator of the index Robert Shiller.

Metro Areas with Price Declines

Metro Area	Annual Price Decline	Consecutive Months of Falling Prices
Atlanta	-2.0%	6
Boston	-3.0%	5
Chicago	-3.9%	5
Cleveland	-5.8%	5
Dallas	-1.2%	6
Denver	-3.1%	4
Detroit	-13.0%	5
Las Vegas	-13.2%	16
Los Angeles	-11.9%	15
Miami	-15.1%	10
Minneapolis	-6.6%	15
New York	-4.8%	18
Phoenix	-12.9%	18
San Diego	-13.4%	18
San Francisco	-8.6%	9
Tampa	-12.6%	17
Washington	-7.8%	19

Home prices were down 8.4 percent, according to the 10-city index. The 20-city index fell by 7.7 percent. This is the 11 consecutive month of negative price declines for the indices.

Metro areas hit the hardest include Miami, where prices fell 15.1 percent and San Diego, where prices fell 13.4 percent. Las Vegas, Detroit, Phoenix, Tampa and Los Angeles also saw double-digit declines in a year-over-year comparison.

After reviewing the index, economists said the index confirms suspicions that we are nowhere near the end of the housing correction.

'The best that we could hope for is a slower pace of declines,' said Robert Shiller in an interview with Reuters.

Metro Areas with Price Increases

Metro Area	Annual Price Increase	Consecutive Months of Falling Prices
Charlotte	2.9%	4
Portland	1.3%	5
Seattle	1.8%	5

Only three of the cities included in the 20-city index documented higher prices compared to 12 months ago. All of the increases were modest. Considering the fact that prices have fallen for at least four consecutive months in each city, it is likely that the three markets will take a turn for the worse very soon.

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