The latest figures from S&P/Case-Shiller continue to show home prices falling, though the rate of decline has stabilized a bit. The 20-city index dropped at an 18.6% year-over-year rate in February, compared with 19% in the prior month. On a monthly basis, the index fell 2.2%. That compared with a decline of 2.8% a month earlier.
All metropolitan areas in the index dropped on both monthly and annual bases. From a year earlier, the biggest declines were in Phoenix (-35.2%), Las Vegas (31.7%), and San Fransisco (-31%). Dallas (-4.5%) and Denver (-5.7%) held up the best.
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Mike,
I am currently reading Martin’s new book and was particular interested in the section regarding real estate, because I am on the fence whether to sell my single family house located in the NorthEast. Martin suggested looking at the webiste realestate.yahoo.com/homevalues to see how much your zip code properties have fallen during the past couple of years. From using this site, I learned that all in all, the property values remained flat until Feb 2009 upon which the homes have had a dramatic drop of 10% in the last 2 months.
The only thing I can think of that may have attributed to this large decrease in home values, is the potential of foreclosures hitting the market. Is there a resource available to the public that will provide the below information so that one can understand the exposure of declining home prices in a particular zip code:
1. Details of recent foreclosures
2. Details of those homes that are 30, 60, 90-days deliquent on their mortgages
Thanks,
Ryan