The Case-Shiller Index: How Much Have Home Values in Your City Fallen?

From the LA Times:

The Case-Shiller index of home prices showed the 10th month in a row of record-setting price declines in July.

Standard & Poor’s, which publishes the monthly index, noted that pace of price declines is slowing, but there is, “no evidence of a bottom” in housing prices. S&P economist David Blitzer: “Little positive news can be found when cities like Las Vegas and Phoenix report annual declines as large as 29.9% and 29.3% respectively, and all 20 cities are still in negative territory on a year-over-year basis.”

I took a look at some data via the S&P index site and the Housing Derivatives blog for more specifics. Here’s a list of the biggest losers, lesser losers, and still-clamoring-onto-hope losers for the period between July 2007 and July 2008:

Biggest losers:

Las Vegas: -29.9%
Phoenix: -29.3%
Miami: -28.2%
Los Angeles: -26.2%
San Diego: -25.0%
San Francisco: -24.8%

Hit hard:

Tampa: -19.4%
Detroit: -16.7%
Washington, DC: -15.8%
Minneapolis: -13.1%
Chicago: -10.0%

Still in the Single Digits:

Atlanta: -8.2%
Seattle: -8.2%
Cleveland: -7.8%
New York: -7.4%
Portland, OR: -6.6%

Sheltered, sort of:

Boston: -5.4%
Denver: -4.7%
Dallas: -2.5%
Charlotte: -1.8%

Average, for all 20 cities: -16.3%

Note that the cities deflating most violently are also grew most quickly during the housing bubble. I’m smug, because I live in the Denver area, which, though overbuilt, appears to be falling more gently.

How does your area fare?

Written by Drea Knufken

Drea Knufken

Currently, I create and execute content- and PR strategies for clients, including thought leadership and messaging. I also ghostwrite and produce press releases, white papers, case studies and other collateral.