Las Vegas has joined The Real Estate Bloggers 50 Percent Club. That is my informal index of real estate markets that are down in the Case Shiller Report from July 2006, my nominal top of the market.
Detroit, Los Angeles, Miami, San Diego, San Francisco, and Tampa are now down over 40 percent from July, 2006 property values. Charlotte is the only market place not down double digits, down only 6.8%.
The declines for the 20 city index are 19% year over year and 7.5% since the 4th quarter. We have hopes that the anecdotal upturn in the market for this spring will affect this widely publicized index.
Metro Area Mar09 Feb09-Mar09 Mar08-09 Jul06-Mar09 Atlanta 104.89 -1.7% -15.7% -22.2% Boston 145.83 -2.0% - 8.0% -18.0% Charlotte 119.3 0.3% - 9.3% - 6.8% Chicago 122.34 -3.1% -18.6% -27.0% Cleveland 96.86 -0.9% - 9.0% -21.6% Dallas 112.38 0.0% - 5.6% -10.4% Denver 120.35 0.1% - 5.5% -14.2% Detroit 70.98 -4.9% -25.7% -42.4% Las Vegas 116.44 -3.8% -31.2% -50.3% Los Angeles 160.88 -1.4% -22.3% -41.3% Miami 148.87 -3.5% -28.7% -46.5% Minneapolis 109.12 -6.1% -23.3% -36.1% New York 173.35 -2.5% -11.8% -19.5% Phoenix 106.83 -4.5% -36.0% -53.0% Portland 147.68 -2.1% -15.3% -17.8% San Diego 144.56 -1.5% -22.0% -42.0% San Francisco 117.77 -2.2% -30.1% -45.9% Seattle 149.03 -2.0% -16.4% -17.2% Tampa 141.37 -2.7% -22.4% -40.6% Washington 166.01 -1.2% -18.4% -33.6%
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same situation down canary wharf and limehouse area. (east london) all property gone down around -29% this year. main reason is over developed and job losses.