- Posted on: April 29, 2008
by Alison Rice
From: BUILDER 2008
Home prices continued their downward slide in February, with 17 of 20 major metro markets registering annual declines, according to the S&P/Case-Shiller Home Price Indices released Tuesday morning.
Among the poorest year-over-year performers: Las Vegas (-22.8 percent), Miami (-21.7 percent), Phoenix (-20.8 percent), Los Angeles (-19.4 percent), and San Diego (-19.2 percent).
?There is no sign of a bottom in the numbers,? says David M. Blitzer, chairman of Standard & Poor?s index committee. ?Prices of single-family homes continue to drop across the nation.?
The lone exception: Charlotte, N.C., which saw a 1.5 percent annual rise in home prices. However, those gains may not last. Charlotte has seen monthly declines for the past six months, with a negative 0.4 percent drop between January and February of 2008.
Overall, Case-Shiller reported an annual drop of 13.6 percent in its 10-city composite index, which covers the following markets: Boston, Chicago, Denver, Las Vegas, Los Angeles, Miami, New York, San Diego, San Francisco, and Washington, D.C.
The 20-city composite index saw a 12.7 percent drop year-over-year. It includes the 10 housing markets above, plus Atlanta, Charlotte, Cleveland, Dallas, Detroit, Minneapolis, Phoenix; Portland, Ore.; Seattle, and Tampa.
For more information: www.homeprice.standardandpoors.com.
Alison Rice is a contributing editor to Builder Online.