According to a survey released Tuesday, the decline in residential real estate became even more aggressive though the end of 2007, and home prices in 20 key markets plunged to an average of 9.1% for the year.
The S&P Case/Shiller Home Price index has been around for 20-years and in that entire time there has never been a more extreme decline in home prices then there was in 2007. Even during the 1990-91 recession, home prices fell 2.8%. All metro areas are now reporting at least four consecutive monthly declines.
20 metro areas were examined and all but three posted declines for the year. The hardest hit was Miami homes which lost 17.5% in value. Las Vegas and Phoenix both declined by 15.3%.
Three metro areas actually increased. Charlotte, N.C., 2.3%; Portland, Ore., 1.2%; and Seattle, at 0.5%.
Los Angeles fell 3.6% in December alone, 13.7% for the whole year.
Other huge loses include 10.8% for San Francisco, Tampa for 13.3%, Detroit for 13.6%, and San Diego was 15.0%. The nation's biggest market is New York and only declined 5.6% for the year, because people will never stop moving to New York.
http://money.cnn.com/2008/02/26/real_estate/Case_Shiller_year_end/index.htm?postversion=2008022610
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