Home prices continued to tumble in April, falling 18.1% from a year earlier -- but the change from March narrowed sharply, indicating that housing markets may be starting to turn.
Not only are home prices still falling but other metrics, such as unemployment and foreclosure rates, are worsening as well.
Price declines have put so many homeowners underwater, owing more on their mortgages than their homes are worth. By some calculations as many as 20% of homeowners are underwater.
Huge declines from peaks: Phoenix, where homes have lost 35.3% of their value over the past 12 months, was the worst performing market over that period. Las Vegas prices plunged 32.2% and San Francisco dropped 28%.
Denver prices fell the least over the last 12 months, down 4.9%, followed by Dallas at 5% and Boston at 7.7%.
Prices in Dallas rose 1.7% between March and April, the largest increase among the 20 cities. Las Vegas prices dropped 3.5%, the biggest decline -- which was still narrower than the month before.
Dallas also has suffered the smallest decline from the top of its market, off just 9.6% from its peak in June 2007. The rest of the cities have all suffered double-digit percentage drops from their peaks, with the worst being Phoenix, down 54.1% from June 2006.
Metro area Change from April 2008
Atlanta -14.8%
Boston -7.7%
Charlotte -10.0%
Chicago -18.7%
Cleveland -10.5%
Dallas -5.0%
Denver -4.9%
Detroit -25.4%
Las Vegas -32.2%
Los Angeles -21.3%
Miami -27.3%
Minneapolis -22.1%
New York -12.5%
Phoenix -35.3%
Portland -16.0%
San Diego -20.0%
San Francisco -28.0%
Seattle -16.8%
Tampa -21.3%
Washington -16.9%
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