Home Prices Continue to Decline Reaching Record Lows

Today’s Standard & Poor Press release demonstrates that residential real estate prices across nation continue to decline at the record levels. S&P/Case-Shiller Home Price Indices Graphs show that this is a continuing trend. The chart provided in the press release shows the 10-City Composite and the 20-City Composite Home Price Indices which demonstrates record declines of 17.5% for the 10-City Composite and 16.3% for the 20-City Composite. This is the biggest annual decline in home prices in history. The graphs show that even though home prices continued to fall, the decline has slowed down in the past three months. However, David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s said although the home prices are still dropping, there is no evidence of the bottom.
Las Vegas home prices reached record level drop, experiencing a decline of 29.9% with Phoenix and Miami shortly following. Other areas while showing slight improvements remain at the record lows. Atlanta, Boston, Dallas, Denver and Minneapolis reported positive returns in the three months. However, all areas stay too close to the record lows to predict if they’ve hit the bottom and are now improving.