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Millionaire Now! by Larry NusbaumThis blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth". |
U.S. Metropolitan Home Values Drop Most In Six Years
Home values in 20 U.S. cities fell the most in at least six years as higher mortgage rates and a record supply of properties for sale deepen the housing slump.
The S&P/Case-Shiller index of 20 metropolitan areas declined 2.1 percent in April from the same month a year earlier, led by Detroit and Miami, according to the report issued today by Standard & Poor's and MacroMarkets LLC. It was the fourth straight drop and the biggest decline since the index started in 2001. An index of 10 metropolitan areas fell by the most in at least 16 years.
Case Shiller Home Price Index, Year-over-year price changes
The National Association of Realtors said yesterday that the median price of an existing home dropped 2.1 percent in May from a year earlier to $223,700. The group also said that resales fell to 5.99 million at an annualized pace, the lowest level in almost four years. Entire report HERE
The BigPicture weighs in: Housing Deterioration Continues
Btw, the S&P/Case-Shiller home price index for L.A. and Orange counties fell in April on a yearly basis for the third consecutive month. April's drop (2.62% in a year) was the worst performance since February '96.This index tracks price change through "paired sales." This analysis compares gains or losses in values for existing single-family homes involved in transactions in a given period. The index is the basis for home-price contract trading in commodity markets.
Housing Bubble and Real Estate Market Tracker from SA for 6/26
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