Home Prices Slip in Big U.S. Cities

Home prices are falling across most of America's largest cities, and average prices in eight major markets have hit their lowest point since the housing bust.

The Standard & Poor's/Case-Shiller 20-city home price index released Tuesday fell 1.6 percent in November from October. All but one city, San Diego, recorded monthly price declines.

Eight others sank to their lowest levels since prices peaked in 2006 and 2007: Atlanta, Charlotte, N.C., Las Vegas, Miami, Portland, Ore., Seattle, Tampa, Fla., and Detroit, which saw the largest drop at 2.7 percent from the previous month.

Millions of foreclosures are forcing prices down, and many people are holding off making purchases because they fear the market hasn't hit bottom yet. Many analysts expect home prices to keep falling through the first six months of this year.

"With these numbers, more analysts will be calling for a double-dip in home prices," said David Blitzer, chairman of S&P's Index Committee.

Over the past year, prices have risen in four major metro areas. Prices rose 3.5 percent in Washington, the largest gain. Los Angeles, San Diego and San Francisco also posted gains.

Some of the worst declines have come in cities hard hit by foreclosures.

As of November, average home prices in Las Vegas have fallen 57.2 percent from their peak in August 2006 and are back to where they were in late 1999. Another foreclosure hotbed, Phoenix, is down 53.9 percent from its June 2006 peak. Average home prices there are back to where they were in 2000.Miami has fallen 48.8 percent from its peak in December 2006, and is selling at late 2002 levels.

The 20-city index has risen 3.3 percent from its April 2009 bottom. But it remains well below its July 2006 peak.

Increase your money and finance knowledge from home

Advice for Recent College Grads

Prepare yourself for the "real world".

View Course »

Getting out of debt

Everyone hates debt. Get out of it.

View Course »

Add a Comment

*0 / 3000 Character Maximum

39 Comments

Filter by:
tennispatron

Time to move the corrupt politicians to the JAIL House...Frank, Dodd and a mess of others screwed this nation like they screw each other in the bathroom. Whose to blame? Well cetianly all the voters THAT DID NOT VOTE forr years and years allowing the crookerd grunts like Charlie Rangel to gerymander their districts so they could maintain getting their districts protected...just how does a Rangel crook the people for 40 years, finally get caught and then just gets a tame slap on the wrist when he should have gone to jail? ********** The answer is ourpolasmuckans area above the law and live as a class now. Thier salaries are 10 times the average man/woman's salary...on top of that gruntocians like Grayson from Florida serve one term and then get their salaries for life! ****** it is past time for us to CLEAN UP the policrookans...you know the words traitor and treasonous acts come to mind. There are answers...and it starts with VOTERS voting the scumroids out of office, demanding them to be regular citizens and to establish the novel notion that polaticians are our representatives and are suppose to serve the public interest by first upholding the Constitution and continuing by representing the people instead of themselves. TERM LIMITS! One term, no benefits and let every able American serve. **** While I am at it...how about we not elect a lying commie scum bag for president for a change as well?

January 26 2011 at 12:00 AM Report abuse +1 rate up rate down Reply
lakota70561

Again...It's about JOBS...duh! And shame on those who criticize the people who do not have one and need some assistance. You spoiled child. There are plenty of well educated, hard working, honest people out there who are without a job. They may need some assistance for a time. They want to work and maybe have for a company that sold them out. So, don't judge, that is not your job. If you have a job...thank God you do. The housing market will stink for a very long time. The dream of owning a house is going to be elusive for many young people now. There were plenty of people living everyday paying their mortgages and trying to raise their families. They did things right. So get off the high horse and for Christ's sake care about your fellow man.

January 25 2011 at 3:49 PM Report abuse -1 rate up rate down Reply
1 reply to lakota70561's comment
jcmaxpu

it would be cheaper for me to get a licence and permits to build my house on my own than buying a new house because half of the price of a new house the realtor will pocket it.

January 25 2011 at 3:43 PM Report abuse -1 rate up rate down Reply
1 reply to jcmaxpu's comment
drbuckles

The stock market is headed for a correction of 5%. The housing market is going to fluctuate as long as there are still a lot of repos on the books. The government has two options here and one is to push the banks to reset the loans to 1990 levels,and take the loss, or take them to court for fraud, shut them down, break them up, and put them in jail. But the right wing and corporate democrats are blocking any change because the banks control your congressman through lobbyists. This has to change and revisiting the Constitution isn't going to do it, but getting involved will. go to movetoamend.org.

January 25 2011 at 3:24 PM Report abuse +1 rate up rate down Reply
bbpincorp

Pay cash for everything....that way you really know how much you want it

January 25 2011 at 3:03 PM Report abuse +3 rate up rate down Reply
Frank

We bought our house (Florida) doing all the right things...down payment, got a "real" mortgage..you know credit checks loads of documentation..explaining any little blip in the credit reports....and now like many others we are now stuck. Down payment is gone....house is underwater a minimum of $100,000 (nothing has sold so it maybe more)...we are not "walking away" and pay our mortgage hoping the market turns back some....but I'm pretty sure we will never recover the purchase price. What gets me mad is that those who caused this mess made money on the front end and continue to make money "unraveling" the mess....what a scam.

January 25 2011 at 3:00 PM Report abuse +8 rate up rate down Reply
Judy & Garry

Those who are dreaming about owning their own homes had better start dreaming about something else, say food on their table at dinner time, health care when they're sick. I'd include education but it appears that we will continue to export jobs on all levels, not only reducing the number of jobs but forcing pay scales down here. As we have seen, even the well educated are unemployed. Let's face it. We've been sold out.

January 25 2011 at 2:49 PM Report abuse rate up rate down Reply
Alan

When the Government gives people things they have not earned, this is the kind of thing that happens. It is not your right to have things. It is your right to have a chance to earn them. If you chose not to get and education or work to earn them, then it is your right NOT to have them. Your life is yours and the Governement should not have to support you unless you have a disability making it necessary. We should not have welfare. We should have workfare. If you live off the Government then you work everyday for them doing something, even if it is picking up trash off the streets. No work, no money or food. Your choice!

January 25 2011 at 2:46 PM Report abuse +5 rate up rate down Reply
duey35

So sad, the government says you have to make these loans, the bank wont underwrite them so the mortage companys do. But they know, so they bundle them into securitys and sell them to us and foreign countrys to amoritize them over a larger populace.

January 25 2011 at 2:29 PM Report abuse +1 rate up rate down Reply
duey35

Barney and Dodd, MassConn do we need to spell it out any more.

January 25 2011 at 2:25 PM Report abuse +5 rate up rate down Reply