by CalculatedRisk
From MarketWatch: Four years of home gains have been wiped out
Home prices in 20 major U.S. cities have dropped a record 15.3% in the past year and are now back to where they were in 2004, according to the Case-Shiller home price index released Tuesday by Standard & Poor's.Prices in the 20 cities are now down 17.8% from the peak two years ago. The biggest declines were seen in Las Vegas, Miami and Phoenix, with prices falling by 25% or more in the past year. Prices in 10 cities have fallen by more than 10%. Prices were lower in April than they were a year earlier in all 20 cities tracked by the Case-Shiller index.Note that the Composite 20 is not the national index, but this show prices are still falling in many areas of the country - and still falling quickly (the Composite 20 fell 1.4% in April alone).
As noted earlier, S&P reported that the Case-Shiller home price composite indices declined sharply in April. The Case-Shiller composite 20 index (20 large cities) was off 15.3% YoY through April, and off 17.8% from the peak.Note: the composite 20 index is not the National Price index, but this does suggests the national index will be off sharply in Q2.However, 8 of the 12 cities in the composite 20 saw month to month price increases.
Click on graph for larger image in new window.This graph shows the price changes for several selected cities that I've been following. Prices continue to fall in the 'bubble' cities, like San Diego, Miami, and Las Vegas. Prices actually rose slightly in areas that saw less appreciation, like Denver and Cleveland. However this could just be seasonal noise, as these cities saw small increases last year at this time too.
The above post is courtesy Calculated Risk which is a blog I follow very closely. CR and Tanta the co-posters of that blog are very astute and they have been calling the housing downturn play by play. Thank you CR & Tanta for all the work you do.
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