Case-Shiller Index: Home prices drop 0.2% In December
Home prices in the Top 20 Metropolitan Areas declined 0.2% in December, according to the Standard & Poor’s Case-Shiller Index. It was the second consecutive monthly drop. The big winner was Los Angeles with a 1.0% increase over November. The biggest loser in this current market downturn continues to be Las Vegas where prices are off 55.5% from their peak. Las Vegas did manage to eek out a 0.2% increase over November, the first monthly increase since August, 2006. Overall, home prices in the Top 20 Metropolitan Areas were down 29.4% from their July, 2006 peak .
Here’s a look at how the individual Top 20 Metropolitan Areas are performing:
- Phoenix: Up 0.5% over November, down 50.5% from their peak.
- Los Angeles: Up 1.0% over November, down 37.4% from their peak.
- San Diego: Up 0.1% over November, down 37.6% from their peak.
- San Francisco: Down 0.2% over November, down 37.5% from their peak.
- Denver: Down 0.8% over November, down 9.3% from their peak.
- Washington DC: Down 0.2% over November, down 28.8% their peak.
- Miami: Down 0.3% over November, down 47.1% from their peak.
- Tampa: Down 0.6% over November, down 41.7% from their peak.
- Atlanta: Down 0.7% over November, down 20.5% from their peak.
- Chicago: Down 1.6% over November, down 24.5% from their peak.
- Boston: Down 0.1% over November, down 15.7% from their peak.
- Detroit: Unchanged over November, down 42.9% from their peak.
- Minneapolis: Down 0.5% over November, down 27.9% from their peak.
- Charlotte: Down 0.7% over November, down 13.3% from their peak.
- Las Vegas: Up 0.2% over November, down 55.5% from their peak.
- New York: Down 0.7% over November, down 20.3% from their peak.
- Cleveland: Down 0.8% over November, down 15.8% from their peak.
- Portland: Up 0.3% over November, down 19.6% from their peak.
- Dallas: Down 0.9% over November, down 6.0% from their peak.
- Seattle: Down 0.7% over November, down 23.3% from their peak.
Persistent high unemployment and mortgage interest rate resets in 2010 will continue to put downward pressure on home prices.
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