Most major U.S. cities are seeing their home prices continue to fall, and at least 10 major markets are at their lowest point since the housing bubble burst.
The Standard & Poor's/Case-Shiller 20-city index (released today) showed home prices declined in 19 metro areas from January to February and 11 markets experienced faster price declines compared with the previous month. The index measures sales of select homes in those cities compared to January 2000. For each of the 20 metro areas it studies, the index provides an updated three-month moving average price. By measuring the sales price of the same homes over time, the index attempts to gauge true market values. Analysts expect the March index will fall past the low point.
The cities with the steepest declines from January were Minneapolis, San Francisco, Chicago and Miami.
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