Rust belt cities showed the greatest price decreases. Tampa, Florida came up as the biggest loser as a result of speculators having abandoned properties.
Robert J Shiller, co-creator of the home price index is a chief economist for MacroMarkets, LLC. He states that the fall in home prices is showing no real signs of a turnaround or slowdown.
The Indexes track multiple sales of the same houses in an attempt to filter out price differences which are caused by differing sizes of homes and the type of house being sold. These indexes are viewed by some economists as the best method of gauging national and metropolitan real estate values.
The month of august saw these particular changes from the previous year in these markets:
Five markets where prices increased:
1. Seattle, Washington: Up 5.7%
2. Charlotte, North Carolina: Up 5.6%
3. Portland, Oregon: Up 2.8%
4. Atlanta, Georgia: Up 0.8%
5. Dallas, Texas: Up 0.5%
15 Markets Where Home Prices Decreased:
1. Tampa, Florida: Down 10.1%
2. Detroit, Michigan: Down 9.3%
3. San Diego, California: Down 8.3%
4. Phoenix, Arizona: Down 8.0%
5. Miami, Florida: Down 7.8%
6. Las Vegas, Nevada: Down 7.6%
7. Washington, D.C.: Down 7.2%
8. Los Angeles, California: Down 5.7%
9. San Francisco, California: Down 4.2%
10. Cleveland, Ohio: Down 4.1%
11. Minneapolis, Minnesota: Down 4.0%
12. New York, New York: Down 3.8%
13. Boston, Massachusetts: Down 3.6%
14. Chicago, Illinois: Down 1.3%
15. Denver, Colorado: Down 0.4%
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