National Home Price Index Drops 18.5%
The S&P/Case-Shiller 20-city report on home prices showed a decline of 18.5% in December 2008 from the same month a year earlier.
The index has fallen every month since January 2007. Home prices fell 18.2% in the fourth quarter of 2008, the largest drop in its 21-year history. The average price of a home has dropped by more than 25% after peaking in 2006. San Diego real estate market
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talk | discussion | StreetEasy New York Real Estate Search – Discussing 'National – Home Sales and Prices Drop Again, 45% of Sales Distressed'. email updates · RSS National – Home Sales and Prices Drop Again, 45% of Sales Distressed. 1 comment. nyc10022. about 3 hours ago. ignore this person …
DallasDirt » Blog Archive » Case-Shiller: Biggest Home Price Drop … – 2000 was when Standard & Poor’s/Case-Shiller National Home Price Index first started tracking home sales, but the drop is significant. However, this very cool interactive widget from the NYT allows you to find your city — Dallas is one …
Jan. home sales fall again nationally, fall steeper in St. Louis … – If you haven’t seen yet, a new batch of existing home-sales data came out today from the National Association of Realtors. Sales fell, again, down 5.3 percent from December and by 8.3 percent compared to January of last year. …. You’ll really see prices drop the longer the depression goes on. At some point, many who want to sell but don’t have to will eventually cave and finally reduce their prices. Just becuase new houses are still high doesn’t mean the builders are …
Homeowners – 1 in 5 Owe More on Mortgage Than Home’s Value
As the housing market has collapsed, roughly one in five homeowners now owe more on their mortgage than their house is worth. That’s created one of the thorniest problems in the debate over foreclosure relief: Who should bear the loss when a mortgage is bigger than a home’s value? Various proposals have been floated, including having the government share some of the loss in return for a stake in the possible appreciation of the home after it’s refinanced. downtown San Diego real estate
Housing Prices 2009 Forecast
Ken Rosen a prominent housing economist and professor at the University of California at Berkeley belives home prices could drop an additional 6% to 7% this year. Rosen thinks housing prices are only about three-quarters complete.
Rosen said: "I worry about the cumulative decline of all the job losses leading to a second wave of foreclosures. So we have to stop this downward spiral."
Dean Baker, co-founder of the Center for Economic & Policy Research in Washington, D.C., said: "All the evidence is showing prices dropping at a more rapid rate, it's not a good time for people to buy houses when they're losing jobs at this rate."
Housing Market … No Bottom in Sight
The Standard & Poor's/Case-Shiller home price index, reported that prices of existing single-family homes in 20 major metro areas continued their rapid descent in November, down 18.2% year-over-year. The index has declined steadily for 28 consecutive months.
The 20-city composite index set a new record for price declines, down 18.2% from a year earlier, compared with October's 18.1%. The metro areas with the biggest year-to-year price declines were Phoenix (-32.9%), Las Vegas (-31.6%), and San Francisco (-30.8%).
David M. Blitzer, chairman of the index committee at S&P, said in a news release: "The freefall in residential real estate continued through November 2008. Since August 2006, the 10-City and 20-City composites have declined every month." San Diego California real estate
Home Values Fall 18% in October
The Standard & Poor's/Case-Shiller 20-city housing index dropped a record 18 percent from October last year. This is the largest drop for the index since its inception in 2000. The smaller 10-city index also tumbled 19.1 percent, its biggest decline in its 21-year history.
Both of these indices have recorded year-over-year declines for 22 straight months. None of the 20 cities in the Case-Shiller index saw annual price gains in October — for the seventh consecutive month — and 14 of them posted record year-over-year declines.
Three metro areas with the largest drops were Phoenix with almost a 33% drop, Las Vegas with nearly a 32% fall, and San Francisco witha 31% decline.
Also today, the Conference Board's Consumer Confidence index dropped to 38 in December from a revised 44.7 in November, well below the expectation of 45 of economists surveyed by Thomson Reuters.
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Home Value Index – Largest Drop In History
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San Diego Real Estate – 5th Largest Decline Through July
Survey Says Home Values Must Fall Another 14%
May Home Prices Take Biggest Drop Ever
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One in Five Homeowners has Negative Equity
Nearly one in five U.S. mortgage borrowers owe more to lenders than their homes are worth, and the rate may soon approach one in four as housing prices fall and the economy weakens.
About 7.63 million properties, or 18 percent, had negative equity in September, and another 2.1 million will follow if home prices fall another 5 percent, according to a report by First American CoreLogic. The data, covering 43 states and Washington, D.C., includes borrowers nationwide, even those who took out mortgages before housing prices began to soar early this decade.
Seven hard-hit states — Arizona, California, Florida, Georgia, Michigan, Nevada and Ohio — had 64 percent of all "underwater" borrowers, but just 41 percent of U.S. mortgages.
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