Housing prices dropped by the biggest rate ever in May, down 15.8% compared with a year ago, according to Standard & Poor’s/Case-Shiller 20-city index. The 10-city index dropped 16.9%, the steepest decline in its 21-year history.
Nine cities posted records lows in May–Las Vegas, Miami, Phoenix, Los Angeles, San Diego, San Francisco, Seattle, Wash., Portland, Ore., and Washington, D.C., and the value of housing in Detroit is now lower than it was in 2000.
Seven metros showed smaller annual declines–Tampa, Fla., Boston, Detroit, Minneapolis, New York, Dallas and Atlanta–a possible bright spot in the data.
The city with the largest drop was Las Vegas, with a 28.4% decline. But Miami was close behind, with a 28.3% drop. Charlotte, N.C., had been the lone metro holdout, posting gains until April. This month it came in with the smallest drop of 0.2%.
Do you live in any of these cities? Are you trying to sell your house and having trouble? Tell us how you’re coping with the decline in housing prices and the difficultly of selling houses right now.
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5 responses so far ↓
1 Chris Moran // Jul 29, 2008 at 10:07 am
Nice writing style. Looking forward to reading more from you.
Chris Moran
2 Pan // Jul 29, 2008 at 1:28 pm
In Baltimore houses in the best neighborhoods just sit with For Sale signs on the lawns… and no activity. Many folks are selling but no one is buying. My next door neighbors just sold their house for a $40,000 loss. Due professional obligations they did not have the luxury to wait. It’s a shame.
So it’s a good market to buy then, eh?
3 elyse // Jul 29, 2008 at 1:36 pm
I think so. A friend of mine recently bought a gorgeous condo near Boston for much less than the previous owners had bought it for just a few years ago. It was his first home, so he didn’t have to worry about selling another one first, and he got a great deal.
4 Marty // Jul 29, 2008 at 9:08 pm
My son just bought a 555K bank owned home in San Diego for 355K. Two weeks ago my daughter and son-in-law bought a 745K bank owned home in Phoenix for 410K. They both could have waited another month to see if the price would have dropped even more, but I think they got the homes they wanted so the price was right.
5 maura // Aug 4, 2008 at 2:19 pm
How do you find out about these bank-owned properties?
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