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Metro Area Prices Off by Record 15.8%.(Managing REO)
Byline: Amilda Dymi
New York-Reports on decreasing home prices continue to pile up adding to uncertainty about the future. Last in cue, Standard & Poor's S&P/Case-Shiller Composite Home Price Index for May 2008 show a record 15.8% decrease in U.S. home prices nationally, compared to the same period in 2007.
It outweighs data released by the Office of Federal Housing Enterprise Oversight showing that in May home prices fell 4.8% nationwide compared to the same month a year ago. Apparently metropolitan areas are suffering more from the current housing crisis than the rest of the country.
According to David Blitzer, chairman of the index committee at Standard & Poor's, "Since August 2006, there has not been one month where we have seen overall price increases, as measured by the two composites," the Case-Shiller and Case-Shiller Indexes.
The agency reported it is the second month in a row that all 20 of the metropolitan areas tracked by the Case-Shiller Index "show annual declines in the prices of existing single family homes across the United States generally continued to worsen."
Up to 9 of these areas posted record lows, with half of the total 20 metropolitan areas featuring double-digit price declines. And as expected the areas that saw the largest real estate boom are now suffering the most.
"The overall real estate market continued to slide in May, with the 10-city and 20-city composites declining by 1.0% and 0.9% for the month, respectively," Mr. Blitzer said. ...
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Source: HighBeam Research, Metro Area Prices Off by Record 15.8%.(Managing REO)