The credit crunch continues to hammer the housing market and with the recession in full swing the housing market is taking a beating nationwide.
The Case Shiller 20 City Housing Report for December, 2008 shows tough numbers with the best city, Boston down 1.3 percent and the worst, Phoenix down 5.1 percent for the month of December.
I added the 2 year numbers for the index this month to give perspective. The worst markets are down over 40 percent in the last 2 years while all real estate markets are down over the period of time.
Case Shiller December 2008 Report Shows Consistent Declines
Metro Area Dec-08 Nov08-Dec08 Dec07-Dec08 Dec06-Dec08 Phoenix 123.93 -5.1% -34.0% -44.0% Los Angeles 171.46 -2.5% -26.4% -36.5% San Diego 152.16 -2.1% -24.8% -36.1% San Francisco 130.12 -3.8% -31.2% -38.7% Denver 125.74 -1.5% -4.0% -8.3% Washington 176.34 -2.2% -19.2% -26.7% Miami 165.01 -2.7% -28.8% -41.3% Tampa 156.04 -3.0% -22.0% -32.4% Atlanta 113.87 -2.3% -12.1% -15.0% Chicago 137.16 -3.0% -14.3% -18.2% Boston 153.05 -1.3% -7.0% -10.1% Detroit 80.93 -3.0% -21.7% -32.3% Minneapolis 127 -4.6% -18.4% -24.8% Charlotte 122.41 -2.5% -7.2% -5.0% Las Vegas 131.4 -4.8% -33.0% -43.3% New York 183.5 -1.7% -9.2% -14.2% Cleveland 105.21 -2.1% -6.1% -12.0% Portland 158.5 -2.5% -13.1% -12.1% Dallas 115.63 -2.3% -4.3% -6.5% Seattle 160.19 -3.6% -13.4% -12.9% Composite-10 162.17 -2.3% -19.2% -27.1% Composite-20 150.66 -2.5% -18.5% -25.9%
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{ 2 comments… read them below or add one }
Wow, looks like Vegas, Phoenix and Miami took the biggest hit since December 2008. Can't wait to see the monthly numbers hit 0 or start to see some positive movement.
As long as the numbers continue like this we might have sight of the bottom. At -2.3 our Atlanta market seems to be on par with the rest of the major market. Hopefully by mid-year we will start having small percentage gains nationwide.