The housing roller coaster dove downwards Tuesday as the S&P/Case-Shiller Home Price Indices reported that housing prices in January plummeted 10.7 percent compared to last year in the 20 markets covered by the composite index.
“Home prices continue to fall, decelerate, and reach record lows across the nation,” said David M. Blitzer, chairman of Standard and Poor’s index committee. “No markets seem to be completely immune from the crisis, with 19 of the 20 metro areas reporting annual declines in January.”
The most troubled single-family home markets according to the S&P/Case-Shiller data appear to be Las Vegas (down 19.3 percent), Miami (down 19.3 percent), Phoenix (down 18.2 percent), Los Angeles (down 16.5 percent), and Detroit (down 15.1 percent).
Prices in the Washington, D.C., and Minneapolis markets also fell in January 2008, sliding by 10.9 percent for Washington and 10 percent for Minneapolis.
The monthly S&P/Case-Shiller index is based on repeat sales of the same homes in selected markets. It also produces a quarterly national home price index, which is based on information from more than 100 major metropolitan areas.
Learn more about markets featured in this article: Las Vegas, NV.
