Tuesday, January 27, 2009
The November report(.pdf) for the S&P Case-Shiller Home Price Indices shows the 10-City index equaling the previous month's record annual decline of 19.1 percent and the 20-City index down 18.2 percent, a new record. Price indices for all 20 cities are shown below.
Recall that to aid in viewing this graphic, the order of the legend (upper left) reflects the top-to-bottom position of all 20 cities for the current month (far right).
Phoenix, Las Vegas, and San Francisco maintain their pace of 30+ percent annual declines as indicated in red below.
Last month, Tampa joined the list of metro areas with declines of 20 percent or more as indicated in blue, while Washington looks ready to join that club in the months ahead.
David M. Blitzer, Chairman of the Index Committee at Standard & Poor's, noted:
The freefall in residential real estate continued through November 2008. Since August 2006, the 10-City and 20-City Composites have declined every month – a total of 28 consecutive months.Both the 10-city and 20-city home price indices are now back to 2004 levels.
Every region was down in excess of 1% for the November/October period, with eight of the regions recording record monthly declines. Phoenix and Las Vegas were the worst performers for the month at -3.4% and -3.3%, respectively, and also have the lowest returns over the one-year period, returning -32.9% and -31.6% respectively. Overall, more than half of the metro areas had record annual declines.