Case-Shiller Index: First price drop in seven months

January 26, 2010 · Posted in Commentary 

Home prices in the Top 20 Metropolitan Areas declined 0.2% in November, according to the Standard & Poor’s Case-Shiller Index. It was the first drop in seven months.  The big winner was Phoenix with a 1.1% increase over October. The biggest loser in this current market downturn continues to be Las Vegas where prices are off 55.6% from their peak. Overall, home prices in the Top 20 Metropolitan Areas were down 29.2% from their collective peak .

Here’s a look at how the individual Top 20 Metropolitan Areas are performing:

  • Phoenix: Up 1.1% over October, down 50.8% from their peak.
  • Los Angeles: Up 0.8% over October, down 38.0% from their peak.
  • San Diego: Up 0.4% over October, down 37.7% from their peak.
  • San Francisco: Up 0.6% over October, down 37.4% from their peak.
  • Denver: Down 0.5% over October, down 8.5% from their peak.
  • Washington DC: Down 0.5% over October, down 28.6% their peak.
  • Miami: Unchanged over October, down 46.9% from their peak.
  • Tampa: Down 0.4% over October, down 41.3% from their peak.
  • Atlanta: Down 0.8% over October, down 19.9% from their peak.
  • Chicago: Down 1.1% over October, down 23.3% from their peak.
  • Boston: Down 0.5% over October, down 15.6% from their peak.
  • Detroit: Up 0.7% over October, down 42.9% from their peak.
  • Minneapolis: Down 0.5% over October, down 27.6% from their peak.
  • Charlotte: Down 0.3% over October, down 12.7% from their peak.
  • Las Vegas: Down 0.5% over October, down 55.6% from their peak.
  • New York: Down 1.0% over October, down 19.7% from their peak.
  • Cleveland: Down 0.2% over October, down 15.2% from their peak.
  • Portland: Up 0.3% over October, down 19.4% from their peak.
  • Dallas: Unchanged over October, down 5.2% from their peak.
  • Seattle: Down 0.5% over October, down 22.7% from their peak.

Persistent high unemployment and mortgage interest rate resets in 2010 will continue to put pressure on home prices.

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