Tuesday, April 28, 2009, 9:55am MSTA new report shows home prices across the country continued to drop in February, and Phoenix has the unfortunate designation of loss leader.
Phoenix home prices fell 35 percent from February 2008 to February 2009, according to the new S&P/Case-Shiller 20-city home price index. That’s the largest decline of any of the 20 largest cities in the U.S. In addition, Phoenix home prices are down 51 percent from their peak.
The weak housing market continued to plague home sellers in February as home prices extended their losing streak to 31 consecutive months, according to a report issued Tuesday.
The entire 20-city index fell 18.6 percent for February, compared with a 19 percent year-over-year decline in January. The good news is the pace of year-over-year slowing lessened for the first time since October 2007.
While it’s too early to tell, the less intense drop in February could signal a bottoming out of the national housing market. Of the 20 cities in the index, 16 recorded smaller declines in February than in January.
Rounding out the five biggest declines were Las Vegas, San Francisco, Miami and Los Angeles.
0 comments:
Post a Comment