Home prices in the Top 20 Metropolitan Areas declined 0.5% in March, according to the Standard & Poor’s Case-Shiller Index. It was the sixth consecutive monthly drop. The big winner was Cleveland with a 1.8% increase over February. Detroit suffered a catastrophic drop of 4.1% over the previous month. The biggest loser in this current market downturn continues to be Las Vegas where prices are off 56.3% from their peak. Las Vegas suffered a 0.8% decrease over February. Overall, home prices in the Top 20 Metropolitan Areas were down 30.6% from their July, 2006 peak .
Here’s a look at how the individual Top 20 Metropolitan Areas are performing: Read more
The Bureau of Labor Statistics reported today that the unemployment rate jumped to 9.9% in April despite 290,000 jobs being added. This was the biggest increase in employment in 4 years. The fact that the unemployment rate increased despite the large increase in employment indicates that more people continue to enter the workforce.
Let’s breakdown the numbers: Read more