Home Prices Fall in Most Major U.S. Areas

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home pricesHome prices are falling in most major U.S. cities, and the average prices in four of them are at their lowest point in 11 years.

The Standard & Poor's/Case-Shiller 20-city index released Tuesday shows price declines in 19 cities from December to January. Eleven of them are at their lowest level since the housing bust, in 2006 and 2007. The index fell for the sixth straight month.

Home values in Atlanta, Las Vegas, Detroit and Cleveland are now below January 2000 levels.

The only market where prices rose was Washington, where homes prices gained 0.1 percent month over month.

"The housing market recession is not yet over, and none of the statistics are indicating any form of sustained recovery," said David M. Blitzer, chairman of the Index Committee at Standard & Poor's.

The pain is not uniform, however. It is worse in cities where foreclosures and short sales are dominating the market and pushing home prices down. That includes Detroit and Cleveland, which are struggling with weak local economies. Miami, Phoenix, Las Vegas and Atlanta are reeling from overbuilding during the housing boom.

California cities are faring better. San Diego was the only city besides Washington where home prices have risen year over year.

Home prices in the nation's capital are up 3.6 percent year over year and have risen nearly 11 percent since they bottomed out in March 2009. And among the 20 cities, prices there have held up the best since 2000, appreciating almost 84 percent.

The Case-Shiller report measures home price increases and decreases relative to prices in January 2000 and gives an updated three-month average for the metropolitan areas it looks at.

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April 13 2011 at 10:46 PM Report abuse rate up rate down Reply
inasctg56

In February 2004, the Bush preempted national banks from state laws regulating mortgage credit, including state anti-predatory lending laws. State attorney generals began to notice a marked increase in predatory lending practices by mortgage lenders. Even though predatory lending was becoming a national problem, Bush looked the other way and did nothing to protect American homeowners. In fact, the govt chose to align itself with the banks that were victimizing consumers. Of the many errors of judgment and decisions of the Bush administration, this probably had the most damaging effect on our housing and economy

March 30 2011 at 9:31 PM Report abuse +1 rate up rate down Reply
inasctg56

Breaking news from Nightly Business Report: ADP (payroll processing) just announced 201,000 jobs added to the private sector. That makes an average of 211,000 jobs per month for the last four months. LLC reports, "It's pretty clear employment has in fact accelerated.” And tarp loans are in the black with $6 billion profit; 99% of loans paid back. Manufacturing and exports up for 19 months and unemployment declining.
Thank you President Obama!

March 30 2011 at 9:30 PM Report abuse +1 rate up rate down Reply
kv37

One word, overbuilt!

March 30 2011 at 8:42 AM Report abuse rate up rate down Reply
fakcmkut

Clinton de-regulated Fannie's & Freddie's lending guidelines so more people who really couldn't afford to buy a home qualified for a mortgage. The lenders granted first & second mortgages just to get these under qualified buyers into a house; builder's took full advantage of generous lending levels and opened their own mortgage companies urked on by Fannie & Freddie who oversaw the lending practices (not) and purchased the bad loans, knowing they were bad, at alarming rates. Then to make matters worse, the lenders starting lending at 125% loan to value on homes that were already over-valued. Then came 2006; enter Barney Frank and company, who started the panic that just about led to a global meltdown. Now "We the People" who consistently paid our mortgages on time, because we didn't need special breaks to purchase a home, are being left to pay the bill. Vacant houses = less available local tax revenues; less tax revenues = increased taxes; increased taxes = more vacant houses. Where does this vicious circle end ? Don't be suprised if it ends with the majority of homes, if not all, being owned by the government. Isn't that the plan ? Talk about the ultimate redistribution of wealth. Soros is proud of the success this plan is achieving. If we don't soon stop printing worthless money to use in bailing Fannie, Freddie and others out we are going to become a nation of nothing but "have nots" !!! Wake up America before you become an impoverished third world back-water.

March 30 2011 at 3:47 AM Report abuse +1 rate up rate down Reply
ronfmiller

Interesting how Washington, DC is faring best in the housing market. Must be because of increased demand there due to all the new government workers hired who are looking for houses. Too bad those new workers aren't in the private sector helping to revitalize places like Detroit and Cleveland. Unfortunately we have a current administration that thinks: Government = Good; Individual Freedoms = Bad. Welcome to the birth of "Big Brother" and the nanny state.

March 30 2011 at 2:40 AM Report abuse +1 rate up rate down Reply
frank1946

Bill Clinton Plan................reduce spending to 1 % increase per year for
five years, reduce business taxes, investment and income by 30 %, hire a sweet
talkin Treasury Secretary to announce that we will balance the budget in three
years................VIOLA !

Why is this so difficult ?

March 30 2011 at 12:26 AM Report abuse rate up rate down Reply
inasctg56

In February 2004, the Bush preempted national banks from state laws regulating mortgage credit, including state anti-predatory lending laws. State attorney generals began to notice a marked increase in predatory lending practices by mortgage lenders. Even though predatory lending was becoming a national problem, Bush looked the other way and did nothing to protect American homeowners. In fact, the govt chose to align itself with the banks that were victimizing consumers. Of the many errors of judgment and decisions of the Bush administration, this probably had the most damaging effect on our housing and economy.

March 29 2011 at 9:57 PM Report abuse -1 rate up rate down Reply
inasctg56

Our manufacturing and exports have seen gains for 19 months and as those paychecks start to coming back to our communities it creates demand for goods and services which leads to more jobs, people will start buying homes again, our tax base returns, the natl debt is addressed more aggressively, and the value of the dollar goes up.

March 29 2011 at 9:53 PM Report abuse rate up rate down Reply
inasctg56

reply to trizzi regarding property taxes in relation to value: Our taxes and assessed values did go down where I live, but that doesn't take into the portion of our tax bill for schools, which continue to go up due to urban growth and new schools having to be built to accommodate that growth.

March 29 2011 at 9:51 PM Report abuse -1 rate up rate down Reply