S&P/Case-Shiller: home prices in August are down 16.6% for the whole country - Down 28% in Los Angeles Metro area
Bailout News, California Housing Crash, Florida Housing Crash, Real Estate October 28th, 2008
The Standard & Poor’s/Case-Shiller 20-city housing index was released today showing and it shows declines of 16.6%. Las Vegas is down 30.6% and Los Angeles is down 28.1%. All I can say is: Ouch!!!
Obviously, states like California, Florida, Arizona, and Nevada are suffering the most.
This is how the media reported the news:
NEW YORK (AP) — A closely watched index shows home prices tumbled by the sharpest annual rate ever in August.
The Standard & Poor’s/Case-Shiller 20-city housing index released Tuesday dropped a record 16.6% in August from a year earlier, largest drop since the index’s inception in 2000.
The 10-city index plunged 17.7%, biggest decline in its 21-year history.
Both indexes have recorded year-over-year declines for 20 consecutive months.
CNBC:
Prices of U.S. single-family homes plunged a record 16.6 percent in August from a year earlier, according to the Standard & Poor’s/Case-Shiller Home Price Indices.
The composite index of 20 metropolitan areas fell 1.0 percent in August from July, S&P said in a statement on Tuesday.
Home prices see another record plunge
NEW YORK (CNNMoney.com) — Home prices fell in August for the 25th consecutive month and prices in 10 major markets plunged a record 17.7% year over year, according to a key index of real estate values released Tuesday.
The S&P Case-Shiller Home Price 10-city index dropped 1.1% for the month. The 20-city index recorded a record year-over-year decline of 16.6% with a 1% fall in August.
The indexes compare the sale prices of the same homes each year to determine price trends and are considered one of the most accurate home price gauges.
The hardest hit of all 20 cities on a year-over-year basis was Phoenix, where prices plummeted 30.7% during the past 12 months. Las Vegas prices plunged 30.6% and Miami sank 28.1%.
L.A. housing prices plummet in August
Housing prices in Los Angeles fell 26.7% in the year ending in August, as home prices continued to fall sharply across the Sunbelt, according to the widely watched Case-Shiller index of home prices.
More on L.A. prices: The rate at which prices are falling was slightly higher from July to August (1.8%) than it was from June to July (1.6%). The year-over-year price decline increased from 26.2% in July to 26.7% in August.
The steepest price declines remain concentrated in what one analyst has called the “sand states” — Florida, Nevada, Arizona and California. Here are the cities suffering the largest year-over-year declines:
More bad news for the economy:
This from AP via Yahoo Finance:
Consumer confidence plunges to lowest on record
WASHINGTON – A private research group said Tuesday that consumer confidence in the U.S. economy plunged in October to its lowest on record, as stock markets dropped sharply and companies laid off workers.
The Conference Board said the consumer confidence index fell to 38, down from a revised 61.4 in September and significantly below analysts’ expectations of 52.
That’s the lowest level for the index since the Conference Board began tracking consumer sentiment in 1967, and the third-steepest drop.
October 28th, 2008 at 7:14 pm
OPPORTUNITY KNOCKS in these times!
Brand New Homes by National Builder in Las Vegas at AUCTION.
Minimum Bids $99,000. Previously Valued $350-$750K.
Bid Deadline is Nov 6th!
See www.fre.com/295Z1 for details….