Home Prices – February 2009

home-price-index-february-2009
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Composite home prices have fallen by 19% from last year.

Top 3 annual delines:

1. Phoenix, AZ – 35%
2. Las Vegas, NV – 32%
3. San Francisco, CA – 31%

Top 3 monthly declines:

1. Cleveland, OH – 4.99%
2. Phoenix, AV – 4.46%
3. Detroit, MI – 3.82%

Noteworthy: Declines in Cleveland and Detroit are picking up steam.

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Home Prices January 2009

Home prices continue to fall nationwide. Overall, home prices dropped by 19% when compared to last year’s prices. Most noteworthy is probably the fact that Chicago appears in the top declines for the first time.

home-price-index-january-2009
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Top 3 annual declines:

1. Phoenix, AZ: 35%
2. San Francisco, CA: 32%
3. Las Vegas, NV: 32%

Top 3 monthly declines:

1. Phoenix, AZ: 5.5%
2. Minneapolis, MN: 5.37%
3. Chicago, IL: 4.64%

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Home Prices at 5 Year Low

Home Price Index December 2008
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The Case-Shiller Composite Home Price Index has dropped to 162.12 from 166.05 last month and 200.67 a year ago (-2.34% and -19% respectively). It is now below the level from January 2004.

Top 3 annual declines by cities:

1. Phoenix, AZ: 34%
2. Las Vegas, NV: 33%
3. San Francisco, CA: 31%

Top 3 monthly declines by cities:

1. Phoenix, AZ: 5.06%
2. Las Vegas, NV: 4.81%
3. Minneapolis, MN: 4.67%

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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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Home Prices Drop Further in October 2008

Home Price Index October 2008

Today the new Case Shiller home price index values were published:

Top 3 annual declines:

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

Top 3 monthly declines:

1. San Francisco 4.18%
2. Minneapolis 3.42%
3. Tampa 3.39%

On average home prices are still around 2004 levels. The way toward 1999 levels is wide open and there can’t be any doubt that home prices will keep falling throughout 2009 until they reach pre-bubble levels, before the most recent business cycle was started by excessive credit expansion.

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