Home Prices Still Falling, Index Shows
According to the measure of real estate price moves, Las Vegas and Miami dropped the most from year-ago levels.
June 24, 2008
The S&P/Case Shiller Index showed continued declines in home prices in April, and metropolitan statistical areas (MSAs), posted annual declines.
Of those MSAs, 13 posted record-low annual declines and 10 of the declines were double-digit plunges. The 10-city composite of home prices is now off 19.1% from a June 2006 peak and the S&P/Case-Shiller 20-city composite is now off 17.8% from a July 2006 peak. Both indices are at July/August 2004 levels, giving up four years of gains.
Metropolitan markets measured by the indices include Atlanta, Boston, Dallas, Denver, Detroit, New York, Seattle and San Francisco.
In April, S&P/Case Shiller's 10-city composite posted a new record low of 16.3% and a 20-city composite recorded a new low of 15.3%.
According to the measure of real estate price moves, Las Vegas and Miami dropped the most from year-ago levels. Las Vegas home prices are now off 26.8% from a year ago and Miami home prices are off 26.7% from a year ago.
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