By GRETA GUEST • FREE PRESS BUSINESS WRITER • February 26, 2008
Prices of existing homes plummeted nationally through 2007, ending the year down 8.9% -- the largest decline in 20 years, according to data released this morning.
In comparison, during the 1990-91 housing recession home prices fell 2.8%, according to the S&P/Case-Shiller Home Price Indices.
“We reached a somber year-end for the housing market in 2007,” said Robert J. Shiller, a Yale University professor and chief economist of MacroMarkets LLC. “Wherever you look things look bleak, with 17 of the 20 metro areas reporting annual declines and the remaining three reporting flat or moderate growth rates.”
In metro Detroit, home prices fell 13.6% through the end of December as compared to a year ago.
But some of the markets that had the greatest price runups during the housing boom are now suffering the biggest drops. Miami remains the weakest market in the country with home prices falling 17.5%, followed by Las Vegas and Phoenix with 15.3% drops and San Francisco with a 10.8% drop.
Charlotte, Portland and Seattle are the only three metro areas with positive annual growth rates, the index found.
Prices of existing homes plummeted nationally through 2007, ending the year down 8.9% -- the largest decline in 20 years, according to data released this morning.
In comparison, during the 1990-91 housing recession home prices fell 2.8%, according to the S&P/Case-Shiller Home Price Indices.
“We reached a somber year-end for the housing market in 2007,” said Robert J. Shiller, a Yale University professor and chief economist of MacroMarkets LLC. “Wherever you look things look bleak, with 17 of the 20 metro areas reporting annual declines and the remaining three reporting flat or moderate growth rates.”
In metro Detroit, home prices fell 13.6% through the end of December as compared to a year ago.
But some of the markets that had the greatest price runups during the housing boom are now suffering the biggest drops. Miami remains the weakest market in the country with home prices falling 17.5%, followed by Las Vegas and Phoenix with 15.3% drops and San Francisco with a 10.8% drop.
Charlotte, Portland and Seattle are the only three metro areas with positive annual growth rates, the index found.
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