Wednesday, October 29, 2008

Falling home prices

Much of the current economic turmoil has been attributed to problems in the housing market. Falling home prices have caused many home owners to be upside down: i.e. having a mortgage debt higher than the value of their home.

The Standard & Poor's/Case-Shiller index tracks home prices in 20 metropolitan areas. All of them saw the median home price fall between August '07 and August '08.



Metro Area Median Home Price One Year Change
Atlanta124,820-8.50%
Boston162,750-4.70%
Charlotte132,100-2.80%
Chicago149,530-9.80%
Cleveland110,540-6.60%
Dallas122,900-2.70%
Denver132,640-5.10%
Detroit92,440-17.20%
Las Vegas150,520-30.60%
Los Angeles189,180-26.70%
Miami183,480-28.10%
Minneapolis141,940-13.80%
New York192,840-6.90%
Phoenix144,830-30.70%
Portland171,930-7.60%
San Diego168,230-25.80%
San Francisco151,420-27.30%
Seattle175,240-8.80%
Tampa174,300-18.10%
Washington194,860-15.40%
Composite 20164,570-16.60%

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