Home prices decline at record pace

Home prices in the 20 largest U.S. cities fell 18% in October, a record year-over-year decline.
DEC 30, 2008
By  Bloomberg
Home prices in the 20 largest U.S. cities fell 18% in October, a record year-over-year decline. The Case-Shiller home price index, released today by Standard & Poor's of New York, was down 2.2% from September. Fourteen of the 20 metropolitan areas posted declines in excess of 10% compared with the year-earlier period. Case-Shiller's 10-city index posted a record 19.1% decline from October 2007 and was off 3.6% from September. “The bear market continues; home prices are back to their March 2004 levels,” David Blitzer, chairman of the index committee at S&P, said in a statement. The largest price decline for October was in Detroit, which posted a 4.5% decrease amid major troubles at the nation's three major automakers. San Francisco came in second with a 4.2% October decline. Since October 2007, Phoenix recorded the largest decline — 32.7%. Other cities that were badly battered during the 12 months were Las Vegas and San Francisco, which fell 31.7% and 31%, respectively. Dallas and Charlotte, N.C., posted the best year-over-year performance, posting declines of just 3% and 4.4%, respectively.

Latest News

Decade of RIA M&A explosion shows no slowdown: Fidelity
Decade of RIA M&A explosion shows no slowdown: Fidelity

There's been an emergence of buyers, backed with PE dollars, making repeated acquisitions.

Spotlighting the Fastest-Growing Fee-Only RIAs in the USA
Spotlighting the Fastest-Growing Fee-Only RIAs in the USA

Discover which fee-only RIAs had standout performances in 2024

Advisor AI startup Zeplyn adds ex-LPL leader Kabir Sethi to board
Advisor AI startup Zeplyn adds ex-LPL leader Kabir Sethi to board

The two-decade veteran, whose career also includes a stint at Merill Lynch, will help shape strategy for the Google engineer-founded fintech.

US wholesale inflation surprises on food, energy prices
US wholesale inflation surprises on food, energy prices

The latest PPI print, clocking in north of 3 percent, adds to concerns that inflation is far from tamed.

Robinhood earnings surge as TradePMR acquisition plan rolls along
Robinhood earnings surge as TradePMR acquisition plan rolls along

The DIY investment giant's positive earnings surprise, surpassing $1 billion in revenue for the first time, puts it on strong footing for future expansion.

SPONSORED Record growth: Interval funds emerge as key players in alternative investments

Blue Vault Alts Summit highlights the role of liquidity-focused funds in reshaping advisor strategies

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.