Share This Article

Facebook LinkedIn
Twitter Reddit
Print Email
Pinterest Gmail
Yahoo
Money Morning
×
  • Invest
    • Best Stocks to Buy
    • Stock Forecasts
    • Stocks to Sell Now
    • Stock Market Predictions
    • Technology Stocks
    • Best REITs to Buy Now
    • IPO Stocks
    • Penny Stocks
    • Dividend Stocks
    • Cryptocurrencies
    • Cannabis Investing
    • Angel Investing
  • Trade
    • How to Trade Options
    • Best Trades to Make Now
    • Options Trading Strategies
    • Weekly Trade Recommendations
  • Retire
    • Income Investing Guide
    • Retirement Articles
  • More
    • Money Morning LIVE
    • Special Investing Reports
    • Our ELetters
    • Our Premium Services
    • Videos
    • Meet Our Experts
    • Profit Academy
Login My Member Benefits Archives Research Your Team About Us FAQ
  • Invest
    • Best Stocks to Buy
    • Stock Forecasts
    • Stocks to Sell Now
    • Stock Market Predictions
    • Technology Stocks
    • Best REITs to Buy Now
    • IPO Stocks
    • Penny Stocks
    • Dividend Stocks
    • Cryptocurrencies
    • Cannabis Investing
    • Angel Investing
    ×
  • Trade
    • How to Trade Options
    • Best Trades to Make Now
    • Options Trading Strategies
    • Weekly Trade Recommendations
    ×
  • Retire
    • Income Investing Guide
    • Retirement Articles
    ×
  • More
    • Money Morning LIVE
    • Special Investing Reports
    • Our ELetters
    • Our Premium Services
    • Videos
    • Meet Our Experts
    • Profit Academy
    ×
  • Subscribe
Enter stock ticker or keyword
×
Join 100,000+ Like-Minded Investors Today
Twitter
Tags: Home Prices, Mike Caggeso

Home Prices Fall Record Rate in 2007

By Mike Caggeso, Money Morning • February 27, 2008

Start the conversation

By Mike Caggeso
Associate Editor

An oversupply of homes, sharp rise in foreclosures, and stricter credit regulations caused home prices to fall 8.9% in 2007, the largest ever year-over-year decline in the S&P/Case-Shiller U.S. National Home Price Index.

Some metropolitan areas were whacked with double-digit devaluations. Home prices fell 17.5% in Miami, 15.3% in Las Vegas and Phoenix, 15% in San Diego, 13.7% in Los Angeles, 13.6% in Detroit, 13.3% in Tampa Bay and 10.8% in San Francisco. Worse, those were some of the hottest markets in 2006. 

Only three metropolitan areas saw prices increase for the year: Charlotte [2.3%], Portland [1.2%] and Seattle [0.5%].

"Wherever you look, things look bleak, with 17 of the 20 metro areas reporting annual declines and the remaining three reporting flat or moderate growth rates," Robert Shiller, chief economist at MacroMarkets LLC and co-developer of Standard and Poor's S&P/Case-Shiller Home Price Indices, said in the statement.

Sign up for SMS so you never miss special events, exclusive offers, and weekly bonus trades.

The most striking statistic of the index is fourth-quarter declines. Prices in the fourth quarter decline 5.4%, following respective declines of 1.0%, 1.0% and 1.8% in the first, second and third quarters last year. 

Foreclosures up 57% in January... a good thing?

While Shiller and Co. didn't give any predictions for first-quarter 2008, homeowners shouldn't expect a drastic turnaround after last quarter's massive declines.

However, a study by online foreclosure marketer, RealtyTrac shows the number of foreclosure filings in January signals that efforts by lenders and state and federal government are taking effect, said James Saccacio, RealtyTrac's chief executive.

Foreclosure filings increased by 57% in January over the same month last year, and by 8% more than December 2007. In all, 233,001 were affected. Of that, 45,327 were repossessed. 

"January's foreclosure numbers demonstrate that foreclosure activity is continuing on its upward trend, substantially increasing from a year ago in many states," Saccacio said in a statement. "However, the 8% monthly increase in January is not as precipitous as the 19% spike we saw in January of 2007, and several key states actually experienced decreasing foreclosure activity from the previous month."

"It could be that some of the efforts on the part of lenders and the government - both at the state and federal level - are beginning to take effect," Saccacio added. "The big question is whether those efforts are truly helping homeowners avoid foreclosure in the long term or if they are just temporarily forestalling the inevitable for many beleaguered borrowers."

News and Related Story Links:

  • Standard & Poor's:
    Year End Numbers Mark Widespread Declines According to the S&P/Case-Shiller Home Price Indices
  • RealtyTrac:
    Foreclosure Activity Increase 8% in January

Join the conversation. Click here to jump to comments…


Latest News

June 5, 2023 • By Shah Gilani

earnings
The Best Commodities Stock to Buy Right Now

June 5, 2023 • By Chris Johnson

This 'Rally" is coming to an end - here's why

June 5, 2023 • By Garrett Baldwin

A person with a skull on his arm Description automatically generated with medium confidence
Postcards: The Secret Behind Record Oil Profits
Trending Stories
ABOUT MONEY MORNING

Money Morning gives you access to a team of market experts with more than 250 years of combined investing experience – for free. Our experts – who have appeared on FOXBusiness, CNBC, NPR, and BloombergTV – deliver daily investing tips and stock picks, provide analysis with actions to take, and answer your biggest market questions. Our goal is to help our millions of e-newsletter subscribers and Moneymorning.com visitors become smarter, more confident investors.

QUICK LINKS
About Us COVID-19 Announcements How Money Morning Works FAQs Contact Us Search Article Archive Forgot Username/Password Archives Profit Academy Research Your Team Videos Text Messaging Terms of Use
FREE NEWSLETTERS
Total Wealth Research Power Profit Trades Profit Takeover Penny Hawk Trading Today Midday Momentum Pump Up the Close
PREMIUM SERVICES
Money Map Press Home Money Map Report Fast Fortune Club Weekly Cash Clock Night Trader Microcurrency Trader Hyperdrive Portfolio Rocket Wealth Initiative Extreme Profit Hunters Profit Revolution Quantum Data Profits Live Trading Alliance Trade The Close Inside Money Trader Expiration Trader Flashpoint Trader Darknet Hyper Momentum Trader Alpha Accelerators Weekly Profit Cycles Brutus Alerts Resource Traders Alliance

© 2023 Money Morning All Rights Reserved. Protected by copyright of the United States and international treaties. Any reproduction, copying, or redistribution (electronic or otherwise, including the world wide web), of content from this webpage, in whole or in part, is strictly prohibited without the express written permission of Money Morning.

Address: 1125 N Charles St. | Baltimore, MD, 21201 | USA | Phone: 888.384.8339 | Disclaimer | Sitemap | Privacy Policy | Whitelist Us | Do Not Sell or Share My Personal Information