Prices for existing homes, as measured by the S&P/Case-Shiller Home Price Indecies, continue to drop, with 17 of the 20 markets recording record declines. The 10-City index has dropped 13.6% while the 20-City index has dropped 12.4%.
“There is no sign of a bottom in the numbers. Prices of single family homes continue to drop across the nation. All 20 metro areas were in the red for the February-over-January reading. In addition, 19 of the 20 MSAs are still reporting negative annual returns. The monthly data show that every one of the MSAs has now declined every month since September 2007, marking six consecutive months. On top of that, the declines have remained steep with eight of the 20 MSAs and both composites reporting their single largest monthly decline in February." -David M. Blitzer, Chairman of the Index Committee at Standard & Poor's.
Las Vegas, Miami and Phoenix hasve suffered the most, with the YoY change in prices of atleast -20%. Charlotte NC is the only market to reamin positive with a YoY price change of 1.5%. However this market has experinced an increase in the drops in prices over the past three months.
Source:
'Steep Declines in Home Prices Continued in Feburary...', S&P/Case-Shiller Home Price Indices
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