Tuesday, September 30, 2008
The July report(.pdf) on the S&P Case-Shiller Home Price Index shows the 10-City and 20-City Composite Home Price Indices at new record annual declines of 17.5 percent and 16.3 percent respectively. Price indices for all 20 cities are shown in the chart below.
David M. Blitzer, Chairman of the Index Committee at Standard & Poor's, noted:
There are signs of a slow down in the rate of decline across the metro areas, but no evidence of a bottom. Little positive news can be found when cities like Las Vegas and Phoenix report annual declines as large as -29.9% and -29.3%, respectively, and all 20 cities are still in negative territory on a year-over-year basis. The Sunbelt continues to be the story, with the seven cities that basically represent that area reporting annual declines roughly between 20 and 30%. While some cities did show some marginal improvement over last month’s data, there is still very little evidence of any particular region experiencing an absolute turnaround.It looks like Las Vegas will be the first to crack the "minus 30 percent" mark, but Phoenix may give it a run for its money. Miami and Los Angeles both have an outside shot, currently with annual price declines of 28.2 percent and 26.2 percent, respectively.