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Prices Still Falling in Many Places.
New York -- Recent data on home sales and prices continue to paint a disturbing picture of the housing sector, with prices continuing to decline in much of the country.
Perhaps the most disturbing news came on the home values front, with the S&P/Case-Shiller home price index finding that 19 of the nation's 20 major housing markets saw annual declines in home prices during the first quarter. Eleven saw home prices decline by double digits from a year earlier.
Six metropolitan areas saw home price declines greater than 20% from one year earlier.
"The steep downturn in residential real estate continues," said David Blitzer, chairman of Standard & Poor's index committee, in a news release. "There are very few silver linings that one can see in the data."
The weakest markets were Las Vegas, Miami and Phoenix. Other cities with a greater than 20% annual price decline were Los Angeles, San Diego and San Francisco.
California markets could decline further, according to another report. First American CoreLogic said that during the second quarter of 2008, its Core Mortgage Risk Index for the Golden State rose 41%. That's California's highest risk reading in six years, the company said. Home price declines, along with rising fraud and collateral risk, have driven mortgage default risk higher.
Only Charlotte, N.C., posted positive home price growth on an annual basis, with home values ...
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Source: HighBeam Research, Prices Still Falling in Many Places.