From Standard & Poors Nationally, Home Prices Began 2009 with Record Declines
…In terms of annual declines, the three worst performing MSAs continue to be the same three from the Sunbelt, each reporting negative returns in excess of 30%. Phoenix was down 36.0%, Las Vegas declined 31.2% and San Francisco fell 30.1%. Denver, Dallas and Boston continue to fare the best in terms of annual declines down 5.5%, 5.6% and 8.0%, respectively.
Looking at the data from peak-thru-March 2009, Dallas has suffered the least, down 11.1% from its peak in June 2007; while Phoenix is down 53.0% from its peak in June of 2006. All of the 20 metro areas are in double digit declines from their peaks, with ten of the MSAs posting declines of greater than 30% and two of those – Phoenix and Las Vegas – in excess of 50%.
San Francisco Area Home Prices are now at a Case-Shiller reading of 117.77, a value not seen since May/June of 2000.
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