Wednesday, May 28, 2008
Home prices tumbled across U.S at a sharpest rate in two decades during the first quarter; national house price index fell to 14.1% in the first quarter when compared with to last year, the lowest since its inception in 1988. The quarterly index covers all nine U.S. Census divisions.
Prices nationwide are at levels not seen since the third quarter of 2004; however the index is still up 60% versus 2000. Two narrower indices set record declines in March versus the previous year. The 20 city index dropped to 14.4%, the lowest since that index was started in 2001. The 10 city index plunged to 15.3%, a record in its 20 year history. Nineteen of the twenty metro areas reported annual declines, with 15 of them posting record lows and six metro areas lost more than 20%.
Worst performance was in Las Vegas during March, dropping to 25.9%, it was followed by Miami and Phoenix. Only Charlotte, N.C., stayed above water, gaining less than 1% over the previous year. Last week, the Office of Federal Housing Enterprise Oversight said house prices fell to 3.1% in the first quarter, the largest drop in its 17 year history.
Prices nationwide are at levels not seen since the third quarter of 2004; however the index is still up 60% versus 2000. Two narrower indices set record declines in March versus the previous year. The 20 city index dropped to 14.4%, the lowest since that index was started in 2001. The 10 city index plunged to 15.3%, a record in its 20 year history. Nineteen of the twenty metro areas reported annual declines, with 15 of them posting record lows and six metro areas lost more than 20%.
Worst performance was in Las Vegas during March, dropping to 25.9%, it was followed by Miami and Phoenix. Only Charlotte, N.C., stayed above water, gaining less than 1% over the previous year. Last week, the Office of Federal Housing Enterprise Oversight said house prices fell to 3.1% in the first quarter, the largest drop in its 17 year history.
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