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
×
5 Ways to Beat the Fed (and Crush Inflation)
Twitter
Tags: Mike Caggeso

U.S. Home Prices Post Record 18% Annual Drop in October

By Mike Caggeso, Money Morning • December 30, 2008

View Comments

Start the conversation

Comment on This Story Click here to cancel reply.

Or to contact Money Morning Customer Service, click here.

Your email address will not be published. Required fields are marked *

Some HTML is OK

By Mike Caggeso
Associate Editor
Money Morning

Falling sales and rising foreclosures has chopped 18% from home prices in 20 major U.S. cities from Oct. 2007 to Oct. 2008, the fastest rate on record.

According to the S&P/Case-Shiller index, home prices in Phoenix, Las Vegas and San Francisco sunk the most - giving back 32.7%, 31.7% and 31.0% of their value in a year's span, respectively.

The ocean-side metros of Miami, Los Angeles and San Diego followed, with respective declines of 29.0%, 27.9% and 26.7%.

Atlanta, Seattle and Portland entered what Case-Shiller called "the double-digit club," with annual rates of decline of 10.5%, 10.2% and 10.1%, respectively.

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

The three best performing housing markets - meaning the ones that lost the least value - are Dallas (-3.0%), Charlotte (-4.4%) and Denver (-5.2%).

On a monthly basis, Detroit was hit the hardest, with home prices falling 4.5% from September to October of this year. That's a dramatic leap from the 2.5% decline from August to September.

"The bear market continues; home prices are back to their March, 2004 levels." David M. Blitzer, Chairman of the Index Committee at Standard & Poor's, said in a news release.

Recent statistics from the National Association of Realtors suggest similar pain. Single-family home sales fell 8.0%, the slowest sales growth since July 1997, NAR reported last week.

And the national medium home price fell 13.2% from last year to $181,300, the largest drop since the NAR started tracking statistics, and likely the largest decline since the Great Depression, said Lawrence Yun, the trade group's chief economist.

"Falling home prices would lead to faster contraction in consumer spending and further deterioration in bank balance sheets," Yun said in a news release. "More importantly, falling home values would lead to higher loan defaults, including those recently modified distressed mortgages."

News and Related Story Links:

  • S&P/Case-Shiller:
    Home Price Declines Worsen As We Enter the Fourth Quarter of 2008
  • Money Morning:
    Recession Deepens as U.S. Economy Shrank 0.5% in Third Quarter

 

Join the conversation. Click here to jump to comments…

Login
guest
guest
2 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
trackback
U.S. Home Prices Post Record 18% Annual Drop in October
14 years ago

[…] from home prices in 20 major U.S. cities from Oct. 2007 to Oct. 2008, the fastest rate on record. Read More Money Morning Sponsored […]

0
Reply
Charlotte Home Values
Charlotte Home Values
13 years ago

… and look what has happened nationwide since October. It is still happening even in relatively stron markets like ours in Charlotte, NC.

0
Reply


Latest News

June 3, 2023 • By Garrett Baldwin

Postcards - Do This Whenever You See Buffett Buy OXY

June 2, 2023 • By Nick Black

Market Roundup: Digital Assets to Watch for the Weekend of June 2

June 2, 2023 • By Shah Gilani

earnings
How to Profit on a "Bankruptcy Wave" Hitting Markets Hard
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

wpDiscuz