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Home prices post record decline in Q4 from 2007

2009-02-24 · Les Twarog & Sonja Pedersen

USA Today

NEW YORK (AP) — A widely watched index shows home prices tumbled by the sharpest annual rate on record in the fourth quarter and in December.

The Standard & Poor's/Case-Shiller U.S. National Home Price Index was down 18.2% in the fourth quarter from a year ago, largest drop in its 21-year history. Prices are now at levels last seen in third quarter 2003.

In December, the Case-Shiller 20-city index was down 18.5% from December 2007, while the 10-city index dropped 19.2%.

Prices in the 20-city index have plummeted 27% from their peak in the summer 2006, and the 10-city index has fallen more than 28%.

HOME PRICES DROP AGAIN

 

Dec. 2008

Change from Nov.

Change from Dec. 07

Atlanta

113.87

-2.30%

-12.10%

Boston

153.05

-1.30%

-7.00%

Charlotte

122.41

-2.50%

-7.20%

Chicago

137.16

-3.00%

-14.30%

Cleveland

105.21

-2.10%

-6.10%

Dallas

115.63

-2.30%

-4.30%

Denver

125.74

-1.50%

-4.00%

Detroit

80.93

-3.00%

-21.70%

Las Vegas

131.4

-4.80%

-33.00%

L.A.

171.46

-2.50%

-26.40%

Miami

165.01

-2.70%

-28.80%

Minneapolis

127

-4.60%

-18.40%

New York

183.5

-1.70%

-9.20%

Phoenix

123.93

-5.10%

-34.00%

Portland

158.5

-2.50%

-13.10%

San Diego

152.16

-2.10%

-24.80%

S.Fran

130.12

-3.80%

-31.20%

Seattle

160.19

-3.60%

-13.40%

Tampa

156.04

-3.00%

-22.00%

Washington

176.34

-2.20%

-19.20%

10 cities

162.17

-2.30%

-19.20%

20 cities

150.66

-2.50%

-18.50%

 

 

 

 

Note: index=100 in 2000
Source: S&P, Fiserv

 

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