
Collapsing Before Our Eyes:
Housing prices post record declines
Las Vegas, Miami and Phoenix all saw prices plummet by at least 20%.
CNNMoney.com staff writer
Last Updated: April 29, 2008: 10:06 AM EDT
NEW YORK (CNNMoney.com) – Home prices posted another record decline, as most of the nation’s largest markets suffered double-digit drops over last year, a survey released Tuesday shows.
The S&P Case/Shiller Home Price Index, which tracks 20 of the largest housing markets, showed prices plummeting by 12.7% in the 12 months ending February. That’s the biggest fall since the index began tracking prices in 2000.
Of those 20 metro areas, 17 posted their largest year-over-year declines ever. Ten of the 20 cities posted double-digit dips.
The 10-city Case/Shiller index is down 13.6% year-over-year, the biggest drop since its launch in 1987.
“There is no sign of a bottom in the numbers,” S&P spokesman said David M. Blitzer, said in a prepared statement. “Prices of single family homes continue to drop across the nation.”
Of the 20 cities Case/Shiller tracks, only Charlotte, N.C. showed higher prices, up 1.5% over the 12-month period.
Other metro areas recorded only modest price declines, including Portland, Ore., down 2.0%, Seattle, off 2.7% and Dallas, 4.1%. In the nation’s largest city, New York, metro area prices dropped a modest 6.6%.
First Published: April 29, 2008: 9:23 AM EDT
Foreclosure spike - 112% with no end in sight."
The Great Depression of the 21st century has begun. I’d guess it will last at least 20 years. There is no one waiting in the wings to become the hegemonic power and the one that has possibilities is not a liberal democracy, like the USA was in 1945. The horror…the horror…