Industry News

Housing prices update

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Standard & Poor's this week released its S&P/Case-Shiller U.S. National Home Price Index for May 2007 and most American homeowners should just be glad they don't live in Detroit. While the composite index of 20 markets was down 2.8 percent over the past year, in Detroit the market plunged 11.1 percent. For the record, the steepest decline in the 20 years that the indices have been compiled was Boston in 1991 when the market was off 11.2 percent in a single year. Of the 20 markets tracked by the indices, 15 showed price decreases and five showed price increases. Seattle was up a very strong 9.1 percent, Charlotte a healthy 7 percent and Portland 5.7 percent. Other markets like Atlanta and Dallas had nominal increases of 1.7 percent and 1.8 percent, respectively. Several markets are down more than 5 percent with San Diego down 7 percent, Tampa down 6.7 percent, Washington, D.C., off 6.3 percent and Phoenix down 5.5 percent over the past 12 months. The composite index and its re...