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« Existing home sales fall 2.6 percent in June | Main | Amid Housing Slump, Glut Eases Slightly » July 29, 2008I hope this doesn't come as a surprise to anyone...Home Price Index Down 15.8% in May Home prices continued to fall in May across the country, a private group said on Tuesday, a sign that the housing slump may get worse. The decline in the last year is the steepest annual drop since the Case-Shiller index began two decades ago, according to Standard & Poor’s, which releases the index. Case-Shiller is a widely watched measure of the housing market that measures prices in 20 major metropolitan areas. From May 2007, prices have dipped 15.8 percent, falling 0.9 percent in May this year. The 10-city price index, which dates to 1988, dropped 16.9 percent. All 20 cities measured by the index had annual declines in home values, and 10 cities have suffered double-digit percentage declines in the last year. Miami and Las Vegas have fared the worst, with prices in each city dropping more than 28 percent since May 2007. Another month of falling home values may continue to pressure investors who are concerned the housing crisis is fueling the credit problems on Wall Street. Last week, a dip in sales of newly built homes helped lead to a sharp decline in the stock market. There were small signs of improvement in a few cities: prices in seven regions improved in May alone. Prices in Dallas and Denver ticked up a percentage point for the month, but prices in those cities have dropped 3.1 percent and 4.8 percent, in the last year. Las Vegas, Miami and Phoenix had the sharpest declines in May, with Miami losing 3.6 percent. The city recorded a 28.3 percent price drop for the last 12 months.
Posted by Jeff Brooks on July 29, 2008 08:11 AM | Permalink TrackBackTrackBack URL for this entry: |
