Case-Shiller Index: Home prices down 1.0% In November
Home prices in the Top 20 Metropolitan Areas fell 1.0% in November, according to the Standard & Poor’s Case-Shiller Index. This was the fourth consecutive monthly drop. Every Metropolitan Area experienced a price drop with the exception of San Diego gaining 0.1%. Detroit was the biggest loser suffering a drop of 2.7% over the previous month. The biggest overall loser in this current market downturn continues to be Las Vegas where prices are off 57.2% from their peak. Overall, home prices in the Top 20 Metropolitan Areas are down 30.3% from their July, 2006 peak .
Here’s a look at how the individual Top 20 Metropolitan Areas are performing:
- Phoenix: Down 1.1% over October, down 53.9% from their peak.
- Los Angeles: Down 0.4% over October, down 36.7% from their peak.
- San Diego: Up 0.1% over October, down 36.1% from their peak.
- San Francisco: Down 1.2% over October, down 37.2% from their peak.
- Denver: Down 1.2% over October, down 10.9% from their peak.
- Washington DC: Down 0.1% over October, down 26.1% their peak.
- Miami: Down 0.2% over October, down 48.8% from their peak.
- Tampa: Down 0.8% over October, down 43.7% from their peak.
- Atlanta: Down 2.5% over October, down 26.2% from their peak.
- Chicago: Down 2.2% over October, down 29.1% from their peak.
- Boston: Down 1.0% over October, down 16.3% from their peak.
- Detroit: Down 2.7% over October, down 47.1% from their peak.
- Minneapolis: Down 2.1% over October, down 30.6% from their peak.
- Charlotte: Down 0.4% over October, down 16.4% from their peak.
- Las Vegas: Down 0.4% over October, down 57.2% from their peak.
- New York: Down 1.0% over October, down 21.4% from their peak.
- Cleveland: Down 2.0% over October, down 18.9% from their peak.
- Portland: Down 1.6% over October, down 25.0% from their peak.
- Dallas: Down 1.1% over October, down 9.2% from their peak.
- Seattle: Down 1.1% over October, down 26.4% from their peak.
With four consecutive monthly drops in home prices, there’s a very real concern that the housing market is in the midst of a double dip drop in prices.
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