Home Prices Going Down, Down, Down
No shock here. Home prices posted another record decline (read, getting back to normal). Over the past 12 months, the housing markets around the country that skyrocketed during the boom are coming back to earth. Prices in markets tracked by the S&P Case-Shiller Home Price Index, which covers the top 20 housing markets, dropped almost 13%. That’s the largest since Mr. Shiller started tracking homes back in 2000.
Half of the homes tracked by Shiller saw home prices drop by double-digits. Miami, my hometown, dropped 21.7%. Other big losers are Las Vegas and Phoenix. Portland, Seattle, Dallas, and New York all posted loses, but all of them under 5%, except New York which saw a home price decline of about 6.6%.
According to the experts, there’s no bottom in sight. Home prices will keep dropping. I gotta tell you, I’m happy to see it happen–not as an American but as a prospective homebuyer (in Atlanta) I don’t like that I have been priced out in certain markets–including Seattle, where I’m moving from (see my ‘Moving Expenses‘ blog entry).
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1 Steep Housing Losses on The Way | The Finance Blog // May 8, 2008 at 7:07 am
[...] no secret that housing prices are dropping all over the country. Certain housing markets, however, are going to get hit harder [...]
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