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?

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  • Kansas City seems to be hit hard in some areas. My neighbor, whose house was valued around 1.5 last year, was adamant that she wouldn’t get half of that in the current. It may not be as bad as she feels, but I’ve still noticed that many homes with a higher price tag aren’t selling, and many owners are unwilling to drop the prices any lower.

  • Drea

    Funny, there’s a condo in my building with the same problem. It’s been listed above-market for quite some time now…and has as a result been ON the market for a long time. People are obviously interested in the place, but I don’t think the owner is willing to negotiate. Holding out like that seems a little naive. I anticipate that the owner will panic and sell it for way less than s/he initially wanted if this keeps up.