U.S. home prices fell 4.5 percent in the third quarter from a year earlier, a record annual decline since Standard & Poor's began its nationwide housing index in 1987.
Prices fell 1.7 percent from the previous three-month period, the largest quarter-to-quarter decline in the index's history.
The S&P/Case-Shiller® quarterly index tracks [same-sale] prices of existing single-family homes across the nation compared with a year earlier.
Click here for the PDF file of the report.
One-year changes for some metropolitan areas:
Tampa -11.1%
Miami -10%
San Diego -9.6%
Phoenix -8.8%
Los Angeles -7.0%
Washington, D.C. -6.6%
New York -3.6%
Tuesday, November 27, 2007
S&P/Case-Shiller® Third Quarter Results
Posted by Harriet at 10:39 AM
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12 comments:
The decline continues and will continue.
Where oh Where is Lance? I need him to 'splain this so I can go back to dream land and sleep at night.
Conjuring is never a good idea -- just ask Dr. Faustus.
You are right, of course, Harriet - I did find him over on bubblemeter anyway...which was good enough.
As always, Muchas Gracias for this fine service you provide. I'm down in 'recession-proof' C'ville, and we're starting to see 40% haircuts turning up on the few closings taking place.
40% . . .
Thanks for the update.
Are you kidding Montpellier - 40% haircuts in Centreville !!
But wait - that's FAIRFAX Co, not Loudoun or PWC...!
Looks like its crashing inwards, despite what the ineer-beltway gang says!
Fairfax County includes Herndon which is the worst hit area.
But ironically, The Washington Post said it was UP 10-19% this year over last! My blog dissects those numbers.
Frank
Blog.FranklyRealty.com
We get it, you have a blog.
Sorry Leroy
Hey Spunky - Nope, I'm in Charlottesville, not Centerville.
I seem to recall a similar curve put together by Shiller that goes back to the early 1900's, and shows prices adjusted for inflation, and there is long period from the 1950's to the 1990's of a modest rise and it is only in the early 2000's that prices take off. Has anyone seen this curve and could possibly post a link?
gregor,
History of Home Prices
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