Industry NewsMarkets & Economy

Home values fall hardest in Southwest

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In a study that tracks changes in price per square foot in 25 U.S. metro areas, Radar Logic today reported that nearly all saw prices drop between July 2007 and July 2008. The lone exception -- Milwaukee, Wis. -- posted growth in its price per square foot of 2.9 percent, to $121.55. According to the RPX Monthly Housing Market Report, the largest price declines continue to be concentrated in California and states in the Southwest, where heavily discounted foreclosure-related sales are pushing down prices. Las Vegas continued to see the largest drop in price per square foot from a year ago, falling 33.4 percent to $115.74, according to the report, which is based on values of a daily price-per-square-foot index during a 28-day period in July. Los Angeles posted the second-largest decrease in July, down 28.1 percent to $280.29, followed by Phoenix, Ariz., down 28 percent to $112. The markets with the smallest decreases in price per square foot were Chicago, down 1.2 perc...