Mortgage News Home

Friday May 9, 2008

Home Page   24,327 Active Members   Register Welcome, Guest    Sign In  

Home

Latest Headlines

Popular Stories

Bookmark Us

Reader Comments

SUBSCRIBE

SEARCH OUR SITE

RSS News

Mortgage Rates
  30 Yr Fix 6.05% -0.01%
  15 Yr Fix 5.60% 0.01%
  1 Yr ARM 5.29% 0.00%
  5/1 ARM 5.67% -0.06%
  30 Yr Tres 4.56% -0.06%
  Fed Prime 5.00% -0.25%
MND Features

- Wiki
- Video News
- Mortgage License Information
- Real Estate License Information
- Mortgage Content Syndication
- Mortgage Fraud
- Housing Bubble
News Archives

Submit A News Tip
or Story Idea
 

Free Subscription To News Alerts
Stay up to date on breaking news with our free News Alert Service.


Home Prices Continue 5-Month Decline According to New Report

4334 Views - Printer Friendly - Email This Story To A Friend
 
RSS COMMENTS(4) LINK HERE ADD NEWS TO YOUR WEBSITE

The Standard & Poor's S&P/Case-Shiller Home Price Indices (HPI) for January which were released on Tuesday are reporting further bad news on the home value front.

The HPI which tracks, in two different indices, 10 and 20 metropolitan statistical areas (MSAs) across the United States, reported that the prices of existing family homes nationally continued to decline into the new year. 16 of the 20 MSAs in the larger survey reported record declines, ten of them reaching double digits.

Both the 10-City and the 20-City Composite Indices are now reporting annual declines in excess of 10 percent. The 10-City had a record annual decline of 11.4 percent; the 20-City reported a decline of 10.7 percent.


Las Vegas and Miami - boom cities only months ago - share honors for being the weakest cities price-wise in January. Both showed price declines year-over-year of 19.3 percent with Phoenix not far behind at 18.2 percent. Other MSAs with double-digit declines include Detroit (15.1 percent), Los Angeles (16.5 percent), Minneapolis (10 percent), San Diego (16.7 percent), San Francisco, (13.2 percent,) Tampa (15 percent), and Washington (10.9 percent).

David M. Blitzer, Chairman of the Index Committee at Standard & Poor's commented about the survey results; "Unfortunately it does not look like early 2008 is marking any turnaround in the housing market, after the declining year recorded throughout 2007. Home prices continue to fall, decelerate and reach record lows across the nation. No markets seem to be completely immune from the housing crisis, with 19 of the 20 metro areas reporting annual declines in January and the remaining - Charlotte North Carolina - eking out a benign 1.8 percent growth rate. Looking deeper into the data, you can see that 16 of the metro areas are also reporting record low annual growth rates. The monthly data show that every one of the MSAs has now declined every month since September 2007, marking five consecutive months. On top of that, the declines have increased through time, in general, as 13 of the 20 MSAs reported their single largest monthly decline in January."

Taking the long view of the HPI data, however, homeowners in many MSAs should still be counting their blessings. The indices use the year 2000 as a base, assigning that year the number 100. Therefore a current score of 150 would indicate a 50 percent price appreciation in the last eight years. The score for the 10 City Composite is 196.06 and the 20-City 180.65. Some of the worst hit cities by current performance still show remarkable appreciation since 2000; for example, Miami (225.40), Los Angeles (224.21) and Las Vegas (186.05).



Story Views: 4334 | Permalink

Story Tools



Email This Story To A Friend

Subscribe To News Alerts
 

Related Tags

Select a Tag for more information related to that Tag. (View All Tags)
 
case shiller home prices hpi housing bubble

 

Comments (4)

Post Comment Comments RSS


What really upsets me is the bail out of Bearn and Sterns and other mortgage companies and banks by the Federal Government, no wonder people are demanding the government pay for their properties, too. If this bail outs continue, we taxpayers, and our children and grandchildren, will be paying for a long time to come.

Above Posted By: Frieda | Thu, 27 Mar 2008 15:03:32 EST

My parent's generation would be appalled as well! There were no bail outs in their day. With the combination of an unprecedented 10+ years of appreciation, opportunistic lenders, plus a self-absorbed 'entitled' generation of people who think they deserve the best of everything (even though they can't afford it). There was no other direction this could've gone. Hopefully this all will translate into lessons learned and better decision making in the future.

Above Posted By: Shari | Tue, 25 Mar 2008 12:16:58 EST

Hear! Hear! I couldn't have said it better!

Above Posted By: Gregory | Tue, 25 Mar 2008 09:53:48 EST

What distresses me more than the housing situation are all of the comments by people who refuse to take responsibility for their own actions. People, you were not forced into taking a loan on your home. You do have a measure of intelligence to be able to understand what it means to have a three year arm. You should be wise enough to consult a financial advisor if you dont' understand a particular term. Banks, mortgage companies...everyone shares some blame. But you alone are ultimately responsible for your own financial decisions...good or poor as they may be. My grandfather's generation would be appalled at the lack of personal responsibility that has come to define this generation.

Above Posted By: Don Layton | Tue, 25 Mar 2008 08:25:37 EST


Post A Comment

Please fill out the form below to submit a comment.

Name: 
(Required - Type Anonymous or Use First Name Only if Private)
Email Address: 
(Not Required So No Fake Emails Please.)
URL or Weblog:
(Leave Blank If You Don't Have One - Use http://)
Comments: 
(Please keep comments on topic. No HTML Allowed. No Advertisng.)
Please Note: Due to Comment Spam, all comments are reviewed by hand. Most comments will appear shortly after submission but it may take up to 12 hours to appear. If you would like to come back, click here to Bookmark the page.
PLEASE DO NOT USE ALL CAPS


Character Count =     (5000 Character Limit)

If you would like to leave a longer comment, please submit your comments in 5000 character increments and we will merge your comments.
Notify me via email when my comment is approved.


Note: Please don't bother spamming. All submissions are reviewed by our our editorial staff. Comment spam and irrelevant links will not be approved.

 



NEW VIDEO
(4 New Today)
NEW! Big FHA Bailout - Part 2
NEW! Big FHA Bailout


Reader Comments (More)
All I would like to say is,why does the federal goverment and some state goverments wait until the CITIZENS of the United States a...
Read
This is an unwise proposition that simply benefits those who have made poor financial decisions. As we move toward resolution of t...
Read
The formalization of the short pay is HUGE. Many borrowers in interest only loans would like to refinance but with no equity in th...
Read
Home - Contact - Sitemap - Disclaimer - Privacy Statement - Advertising
All Content Copyright © 2003 - 2008 Brown House Media, Inc. All Rights Reserved.
Reproduction in whole or in part in any form without the express written permission of MortgageNewsDaily.com is prohibited.