According to a report issued today by Standards & Poors, the Case-Schiller Home Price Index indicated that prices of existing homes in 20 metropolitan areas across the country showed an annual decline of 18 percent through October, 2008.
According to David M. Blitzer, chairman of the Index Committee of Standard & Poors, "home prices are back to the March, 2004 levels," and 14 of the 20 areas are "reporting new record rates of decline."
"As of October 2008, the 10-city composite is down 25 percent from its mid-2006 peak, and the 20-city composite is down 23.4 percent," the report maintained, adding that "Phoenix remains the weakest market, reporting an annual decline of 32.7 percent, followed by Las Vegas, down 31.7 percent, and San Francisco, down 31 percent." "Miami, Los Angeles, and San Diego," the report continued, "were close behind with annual declines of 29, 27.9 and 26.7 percent, respectively."
New York declined only 7.5 percent in the year that ended in October, according to the report, a level bettered only by Dallas, minus 3 percent, Charlotte minus 4.4 percent and Boston minus 6 percent.
According to David M. Blitzer, chairman of the Index Committee of Standard & Poors, "home prices are back to the March, 2004 levels," and 14 of the 20 areas are "reporting new record rates of decline."
"As of October 2008, the 10-city composite is down 25 percent from its mid-2006 peak, and the 20-city composite is down 23.4 percent," the report maintained, adding that "Phoenix remains the weakest market, reporting an annual decline of 32.7 percent, followed by Las Vegas, down 31.7 percent, and San Francisco, down 31 percent." "Miami, Los Angeles, and San Diego," the report continued, "were close behind with annual declines of 29, 27.9 and 26.7 percent, respectively."
New York declined only 7.5 percent in the year that ended in October, according to the report, a level bettered only by Dallas, minus 3 percent, Charlotte minus 4.4 percent and Boston minus 6 percent.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
6sqft delivers the latest on real estate, architecture, and design, straight from New York City.
