Declines reported across country
January 30, 2008
By GRETA GUEST
FREE PRESS BUSINESS WRITER
Home prices in metro Detroit fell 13% in November as compared with the same month in 2006.
That puts it fourth among the nation's 20 largest cities, according to the S&P/Case-Shiller Home Prices Indices data released Tuesday.
Miami has the weakest market, with a 15.1% annual decline.
San Diego and Las Vegas follow close behind, with home price declines of 13.4% and 13.2%, respectively.
These communities are not that unique.
The index shows broad declines in the prices of existing single-family homes across the country.
November marked the 11th month of negative annual returns in prices.
Home prices in the nation's 10 largest cities fell 8.4% in November as compared with November 2006, marking a new record low.
That's the largest price drop since a 6.3% decline was recorded in April 1991.
"We reached another grim milestone in the housing market in November," said Robert J. Shiller, chief economist at MacroMarkets LLC.
"Not only did the 10-City Composite post another record low in its annual growth rate, but 13 of the 20 metro areas, each with data back to 1991, did the same," he said.
January 30, 2008
By GRETA GUEST
FREE PRESS BUSINESS WRITER
Home prices in metro Detroit fell 13% in November as compared with the same month in 2006.
That puts it fourth among the nation's 20 largest cities, according to the S&P/Case-Shiller Home Prices Indices data released Tuesday.
Miami has the weakest market, with a 15.1% annual decline.
San Diego and Las Vegas follow close behind, with home price declines of 13.4% and 13.2%, respectively.
These communities are not that unique.
The index shows broad declines in the prices of existing single-family homes across the country.
November marked the 11th month of negative annual returns in prices.
Home prices in the nation's 10 largest cities fell 8.4% in November as compared with November 2006, marking a new record low.
That's the largest price drop since a 6.3% decline was recorded in April 1991.
"We reached another grim milestone in the housing market in November," said Robert J. Shiller, chief economist at MacroMarkets LLC.
"Not only did the 10-City Composite post another record low in its annual growth rate, but 13 of the 20 metro areas, each with data back to 1991, did the same," he said.
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