Housing prices post record declines
Las Vegas, Miami and Phoenix all saw prices plummet by at least 20%. And so far, there is no sign of a bottom.
By Les Christie, CNNMoney.com staff writer
Last Updated: April 29, 2008: 11:35 AM EDT
NEW YORK (CNNMoney.com) — Home prices have posted another record decline, as most of the nation’s largest markets suffered double-digit drops over last year, a survey released Tuesday shows.
The S&P Case/Shiller Home Price Index, which tracks 20 of the largest housing markets, showed prices plummeting by 12.7% in the 12 months ending February. That’s the biggest fall since the index began tracking prices in 2000.
Of those 20 metro areas, 17 posted their largest year-over-year declines ever. Ten of the 20 cities posted double-digit dips.
The 10-city Case/Shiller index is down 13.6% year-over-year, the biggest drop since its launch in 1987.
“There is no sign of a bottom in the numbers,” S&P spokesman David M. Blitzer, said in a prepared statement. “Prices of single family homes continue to drop across the nation.”
“This is huge,” said Dean Baker, an economist with the Economic Policy Institute. “Back a couple of years ago, people were saying, ‘Housing prices are not like stocks; they change slowly,'” he said.