Home-price index drops a record 16.3%
Real estate brief
By Inman News, Tuesday, September 30, 2008.An index that tracks home-price changes in 20 U.S. metro areas dropped a record 16.3 percent in July compared to the same month last year.
The Standard & Poor's/Case-Shiller Home Price 20-metro area index, which measures price changes for repeat sales of single-family homes, measured a 29.9 percent year-over-year price drop in the Las Vegas metro area -- the most substantial drop on the list.
Phoenix was second on the list with a 29.3 percent decline, and the slightest declines were in Charlotte (down 1.8 percent) and Dallas (down 2.5 percent), according to the index report.
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Submitted by Steve Simon on September 30, 2008 - 5:55pm.
Sometimes the numbers and the percentage variations from one period to the next are misleading...
Looking at the linked report one might think Tampa was holding up well?
Not even close. Inventories are rising not being absorbed.
The amount of homes in the 30 day or more default category stands at recod highs.
Short Sale and workouts are taking forever, so the amount of properties waiting to become REO and/ or contribute to even greater drops has a healthy supply line!
I write on real estate and related matters and have for over twenty years, I have tens of thousands of former students and have sat in the high backed chairs of public office; I have never seen anything as bad as this...
Just my thoughts:)
If the answer to a complex problem is very simple, it is usually incomplete...
Steve Simon is the lead instructor at the Steve Simon School of Real Estate www.stevesimon.us