S&P: Home prices drop by record 15.8 pct. in May
NEW YORK (AP) - July 29, 2008 The Standard & Poor's/Case-Shiller 20-city index dropped by 15.8
percent in May compared with a year ago, a record decline since its
inception in 2000. The 10-city index plunged 16.9 percent, its
biggest decline in its 21-year history.
No city in the Case-Shiller 20-city index saw price gains in
May, the second straight month that's happened. The monthly indices
have not recorded an overall home price increase in any month since
August 2006.
Home values have fallen 18.4 percent since the 20-city index's
peak in July 2006.
Nine metropolitan cities - Las Vegas, Miami, Phoenix, Los
Angeles, San Diego, San Francisco, Seattle, Wash., Portland, Ore.,
and Washington, D.C. - posted record declines in May. And the value
of housing in Detroit is now lower than it was in 2000.
But a possible bright spot in an otherwise dismal report, seven
metros - Tampa, Fla., Boston, Detroit, Minneapolis, New York,
Dallas and Atlanta - showed smaller annual declines.
Las Vegas recorded the worst drop, with prices plunging 28.4
percent in the month. Miami came in a close second, with prices
down 28.3 percent.
Charlotte, N.C., posted the smallest drop at 0.2 percent. Until
April, the North Carolina city had been the last metro still
showing price gains.