by Bill McBride on 4/29/2008 09:12:00 AM
Tuesday, April 29, 2008
Note: I accidentally deleted this post. Here is the general info ...
S&P reports that the Case-Shiller home price indices declined sharply in February. The Case-Shiller composite 20 index (20 large cities) was off 12.7% YoY through February, and off 14.8% from the peak.
Note: the composite 20 index is not the National Price index, but this does suggests the national index will be off sharply in Q1.
Click on graph for larger image.
This graph shows the price changes for several selected cities. Prices are falling faster in the 'bubble' cities, like San Diego, Miami, and Las Vegas.
Prices are also falling in areas that saw less apprecation, like Denver and Cleveland.
All 20 cities in the Case-Shiller composite saw declining prices in February, led by a 5% one month decline in San Francisco, and over 4% in Los Angeles, Phoenix and Las Vegas.