US Home Price Index Dropped 18.2% 4Q 08 or 26.7% since Peak of Real Estate Market
The US Home Price Index as computed by S&P/Case-Shiller® dropped by 18.2% in the fourth quarter of 2008 as compared to the level of the market in the 4th quarter of 2007. This reflected a drop of 26.7% since the peak of the real estate market in the second quarter of 2006.
The sharpest declines from the previous year were in Phoenix (down 34%), Las Vegas (down 33%), San Francisco (down 31%), Miami (down 29%) and Los Angeles, which includes Orange County, (down 26%).
Las Vegas, Phoenix, Miami and San Francisco home prices were down more than 40% from their market peaks, which occurred at different times. Los Angeles-area home prices ended 2008 down 37% from their late 2006 peak.
"Most of the nation appears to remain on a downward path, with all of the 20 metro areas reporting annual declines," said David M. Blitzer, chairman of the index committee at Standard & Poors.
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