Home Value Index – Largest Drop In History
The Standard & Poor's/Case-Shiller 20-city housing index dropped a record 16.6 percent from August last year, the largest drop since its inception in 2000. The 10-city index plunged 17.7 percent, its biggest decline in its 21-year history.
Home value declines in Las Vegas and Phoenix surpassed 30 percent in August, according to Case-Shiller, prices in Miami, Los Angeles, San Francisco and San Diego all fell more than 25 percent.
No city in the index had a price increase for the last year. The lowest declines were in Dallas (2.7%) and Charlotte North Carolina (2.8%).
Prior related posts:
Real Estate Record Home Price Declines
San Diego Real Estate – 5th Largest Decline Through July
Survey Says Home Values Must Fall Another 14%
May Home Prices Take Biggest Drop Ever
Real Estate Prices Back to 2004 Levels
Home Prices … Sharpest Rate Drop in Two Decades
San Diego Home Values Fall 16.7%
Standard & Poor’s Index Shows Home-Price Declines As The Largest on Record
Home Prices — Largest Drop in 16 Years!
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Credit and tax changes brought about a property crash in UK in or around 1990. I bought a spec house at the peak unable to watch the soaring prices any longer.
The price returned to my purchase price in 10 years , so watch out.
A house has to cost 3 to 4 times the aspiring owners income.
When it gets a lot higher, even W should be able to see the crash coming.
I’ve managed this several times including the tech bubble of 2000.
I had professional help to screw that one up.
I say ‘ if you’ve missed the boat then jump into the water and sink’.
San Diego Dermatology
The market dynamics were screwed up…beginning the mid-1990’s…and continuing up to today….there is no real housing market because the credit guidelines keep changing….for a true market to exist, there needs to be stable credit parameters….there was a credit manipulation on the way up…for 15 years….and there is a credit manipulation today….on the way down.
San Diego California real estate agents
The index specifically excludes certain properties or types of property. Anything that has not been sold twice is out (i.e., all new build) plus condos and other attached property. The focus is on single family residential based on what the methodology page said the last I read it. This is neither good or bad in some ways. It just might not be what people assume. The index explains all the details on the website.
Now, if you overlay the fact that condos are out with the fact that some city centers have a heavy concentration (space is limited so housing is mostly stacked) that can explain why NYC with be out. It also tends to distort what people will see in Miami vs. what the index claims is going on in Miami.
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Much is said now about the state of the real estate market, the recent audacity by the fed chair, and how our dollar is being trampled on by the feds. Much is said about the lack of equity in homes and the lack of liquidity from the few available buyers out there. The economy is dead; all these foreclosures are ruining the state.
real estate and san diego
Thanx for thiis post )
downtown San Diego condos