Home prices plunge 16.6% in the past year - finally approaching a bottom?
Posted by: in HousingFiled under: Forecasts, Bad news, Housing, Recession
The decline in U.S. home values continues. Home prices in 20 top U.S. cities declined at the fastest pace ever, on a year-over-year basis, as foreclosures increased and banks sought to unload homes by selling at cut-rate prices.
Home prices in a 20-city sample plunged 16.6% in August, on a year-over-year basis in, according to the S&P / Case-Shiller U.S. National Home Price survey (pdf). The index has fallen each month since January 2007. Further, prices in a 10-city survey plummeted a record 17.7% in August on a year-over-year basis.
Economists surveyed by Bloomberg News had expected home prices in the 20-city Case-Shiller index to decline 15.9-17.1% in August on a year-over-year basis.
Huge price declines in western U.S.
The areas with the largest annual percentage declines were: Phoenix, -30-7%, Las Vegas, -30.6%, Miami, 28.1%, San Francisco, -27.3%, Los Angeles, -26.7%, San Diego, -25.8%.
Not one Top 20 metro area experienced a year-over-year increase in home values as of August and only two cities saw an increase in home prices in the month of August: Cleveland, 1.1% and Boston, 0.2%. Prices in Denver were flat in August.
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Home prices plunge 16.6% in the past year - finally approaching a bottom? originally appeared on BloggingStocks on Tue, 28 Oct 2008 11:41:00 EST. Please see our terms for use of feeds.
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