In a report by the S&P/Case Shiller Index released Tuesday, 2007 experienced the first year-over-year decline in home prices since 1991.
The Case-Shiller Index which covers 10 cities throughout the U.S. fell 1.9% over last year through March. The Index which covers 20 cities dropped a total of 1.4%
13 of the 20 cities have experienced a decline in prices over the last year. The city with the greatest price decline is Detroit, Michigan followed by right here in San Diego with a 6% decline.
Home prices in the cities of Las Vegas and Phoenix have dropped the most from their peak. These markets have grown at a rate of 49.3% since September 2005. Prices in Phoenix are currently down by 3% and in Las Vegas the price gains of 53.2% of September 2004 have dwindled to a 1.6% decrease in March of this year.
In Boston, home prices have declined 4.9%, in Washington- 4.8%, Tampa- 3%, Cleveland- 2.4% and San Francisco- 2.3% Prices also dropped 1.9% in Minneapolis, Los Angeles- 1.4% and New York- 1.1%
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