Home Prices – November 2008

Home Price Index November 2008

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The composite index for home prices fell by 18% from November 07 through November 08.

Largest annual declines:

1. Phoenix: 33%
2. Las Vegas: 32%
3. San Francisco: 31%

Largest monthly drops:

1. Phoenix: 3.43%
2. Las Vegas: 3.18%
3. Detroit: 3.11%

Home prices are now approximately at February 2004 levels. The way toward 1999 levels is wide open and prices are in free fall with absolutely no end in sight in the near future.

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