HOME PRICE DECLINES CONTINUES INTO THE SECOND HALF OF 2008
Broad based declines in the prices of existing single-family homes across the United States continued into the second half of 2008, cementing a trend that prevailed throughout the first half of 2008, according to the recently released S&P/Case-Shiller Home Price Indices report.
“The downturn in residential real estate prices continued, with very few bright spots in the data,” said David M. Blitzer, chairman of the Index Committee at Standard & Poor’s. “For the fifth straight month, every region reported negative annual returns. This started when Charlotte, N.C., was the last region to turn negative back in April 2008. As seen throughout 2008, the Sun Belt markets are being hit the most. Phoenix and Las Vegas are both reporting annual declines in excess of 30 percent, and Miami, San Francisco, Los Angeles and San Diego are all in excess of 25 percent.”
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