Home Prices Fall in Major Cities
More than half the cities in the Case–Shiller 20-city composite index saw year-over-year declines in house prices for the Dec/Jan/Feb time period. This news identifies further weakness in housing markets, indicating that even with government supports, home prices are not sustainable.
During the Dec/Jan/Feb timeframe, home prices declined in 19 of the 20 cities in the 20-city composite. These include Phoenix, LA, San Francisco, Denver, DC, Miami, Tampa, Atlanta, Chicago, Boston, Detroit, Minneapolis, Charlotte, Las Vegas, New York, Cleveland, Portland, Dallas, and Seattle. San Diego showed a one point increase.
Most cities showed a one- to two-point drop over the three months starting in December. Portland showed the biggest decrease, down by over 6 points in the index, followed by Chicago, down almost 5 points, and Seattle, down by 4 points.
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