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Home Prices Sink Deeper

Twenty areas report lowest annual returns ever

October 30, 2007     Spanish

The 10-City Composite’s annual decline of 5.0 percent is at a rate not seen since June 1991, the company said. The lowest on record was an annual decline of 6.3 percent recorded in April 1991.

In August, the 20-City Composite recorded an annual decline of 4.4%.

“At both the national and metro area levels, the fall in home prices is showing no real signs of a slowdown or turnaround,” says Robert J. Shiller, Chief Economist at MacroMarkets LLC.

“Year-overyear and monthly price returns are continuing to either move deeper into negative territory or are experiencing persistent diminishing returns. There is really no positive news in today’s report, as most of the metro areas are showing declining or vanishing returns on both an annual and monthly basis.”

Only two metro areas – Denver and Detroit – showed an improvement in their annual returns and even those were reports of slightly less negative numbers. Tampa surpassed Detroit in August, reporting a double-digit annual decline of 10.1 percent.

Detroit followed with -9.3 percent and San Diego with -8.3 percent. Remarkably, in August eight of the 20 metro areas reported their lowest recorded annual returns – these cities are Cleveland, Las Vegas, Miami, Minneapolis, Phoenix, San Diego, Tampa, and Washington D.C.

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