The bubble has popped and housing prices have plunged all over the country. Yet, some housing experts claim that there is still a lot of hot real estate air to be released from the past bubble and predict even more agony to come to suffering property owners.
The 10 major cities in the Standard & Poor’s/Case-Shiller home price index have risen 5% from their April low, but the index is still predicting a massive 45% fall from today’s values.
New York, November 24, 2009 – Data through September 2009, released today by Standard & Poor’s for its S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, show that the U.S. National Home Price Index improved in the third quarter of 2009, posting its second consecutive quarterly increase and further improvement in its annual rate of return.
Las Vegas remains the most depressed market. Prices have declined for 37 consecutive months, with a peak-to-trough reading of -55.4%. While Detroit has seen some positive movement in recent months, the market is still at only 73% of its 2000 value. This compares to regions such as Los Angeles, New York and Washington, which have maintained values of 70-80% above their 2000 averages, in spite of the market downturn.
The table below summarizes the results for August 2009. The S&P/Case-Shiller Home Price ndices are revised for the 24 prior months, based on the receipt of additional source data. More than 22 years of history for these data series is available, and can be accessed in full by going to
www.homeprice.standardandpoors.com
Read the Case Sciller Report Here
