Case-Shiller Index: Home prices drop 0.9% In February
Home prices in the Top 20 Metropolitan Areas declined 0.9% in February, according to the Standard & Poor’s Case-Shiller Index. It was the fifth consecutive monthly drop. The big winner was San Diego with a 0.6% increase over January. Portland suffered a 2.4% drop over the previous month. The biggest loser in this current market downturn continues to be Las Vegas where prices are off 56.0% from their peak. Las Vegas suffered a 0.4% decrease over January. Overall, home prices in the Top 20 Metropolitan Areas were down 30.3% from their July, 2006 peak .
Here’s a look at how the individual Top 20 Metropolitan Areas are performing:
- Phoenix: Down 1.5% over January, down 51.6% from their peak.
- Los Angeles: Down 0.7% over January, down 37.3% from their peak.
- San Diego: Up 0.6% over January, down 36.9% from their peak.
- San Francisco: Down 0.7% over January, down 38.3% from their peak.
- Denver: Down 0.8% over January, down 11.2% from their peak.
- Washington DC: Down 0.5% over January, down 29.7% their peak.
- Miami: Down 0.5% over January, down 47.5% from their peak.
- Tampa: Down 1.2% over January, down 42.7% from their peak.
- Atlanta: Down 1.3% over January, down 22.6% from their peak.
- Chicago: Down 2.0% over January, down 27.3% from their peak.
- Boston: Down 1.0% over January, down 17.0% from their peak.
- Detroit: Down 1.8% over January, down 44.5% from their peak.
- Minneapolis: Down 2.2% over January, down 29.9% from their peak.
- Charlotte: Down 1.0% over January, down 14.6% from their peak.
- Las Vegas: Down 0.4% over January, down 56.0% from their peak.
- New York: Down 0.4% over January, down 21.0% from their peak.
- Cleveland: Down 2.1% over January, down 18.3% from their peak.
- Portland: Down 2.4% over January, down 23.0% from their peak.
- Dallas: Down 1.8% over January, down 8.9% from their peak.
- Seattle: Down 1.1% over January, down 25.3% from their peak.
San Diego is the only market where prices increased in February. Some markets suffered steep losses.
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