Case-Shiller: Home Prices Slump Across the Board

It may be a white Christmas, but all signs point to homeowners still treading in the red. Home prices in all 20 markets measured by the Case-Shiller Home Price Indices dropped in October, the latest month in which data was available. In fact, only the 10-City Composite and four metro areas, three of which are in California, showed year-over-year improvement: Los Angeles, San Diego, San Francisco and Washington D.C.

"The double-dip is almost here, as six cities set new lows for the period since the 2006 peaks," said David M. Blitzer, Chairman of the Index Committee at Standard & Poor's. These cities include Atlanta, Charlotte, Miami, Portland, Seattle and Tampa.

(Hit the jump to view the 20 markets in detail.)

But while the forecast is glum for current homeowners, first-time homebuyers and other investors will find a wealth of affordable housing across the U.S. – so long as they qualify for credit.

See the chart below for all 20 metropolitan areas and composites.

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Reader Comments (20)

by Marie - December 29th 2010 @ 10:54AM

Me, too. Why aren't realtors promoting the sales of babyboomers'homes as they try to downsize to a lower mortgage, find a cool $100K or so, with the reward of paying off a mortgage in 10 years. It can be a sellers' market with a trickle down effect (instead of the buying-up effect of the past). Any movement in the real estate market, even if we downsize, is better than no movement at all. They are conveying that this isn't the time to sell--well it is if you are buying a house with a lesser value and payment than you have now!!

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by vincefrata - December 29th 2010 @ 11:28AM

"Life After Foreclosure" by Dean Wegner talks about this in great detail. Good article!

by Judy - December 29th 2010 @ 11:48AM

If everyone would saying it is a bad time to buy and quit scaring people, the market would get better. People read or hear it is a bad time to buy or sell and refrain from doing so. It is like advertising that gas is going to go up. Well of course it is when it's being said it is going to. That gives them a perfect excuse to raise prices.

by Bonedaddy - December 29th 2010 @ 11:53AM

Wow it looks as though LA will be treading slightly higher in prices..thanks God!!!

by Craig - December 29th 2010 @ 12:10PM

Detroit has great deals on homes,a great place to live.

by liguy - December 29th 2010 @ 12:59PM

No matter what the public reads or hears, the truth is the truth, and you can't hide from it. Houses in most markets are now worth what they were in the mid 90's, and that's assuming you can get a buyer. Prices will continue to drop in 2012 due to many factors, including supply, unemployment, tight mortgage lending criteria, and general fear that the house you buy today will be worth 10% less in a year. Many are afraid that they won't have a job six months from now, so they are concerned about making a large purchase such as a home. Foreclosures will continue to flood the market, driving up the supply and driving down prices. One third of all sales are now bank owned properties. Banks will have to learn to adjust prices on their foreclosures to sell immediately and keep the inventory of homes down. Banks will also have to learn to help their borrowers who are in danger of defaulting by modifying loan terms so they can avoid the cost of foreclosing on homes and adding to the inventory of vacant bank owned properties.

by Sal - December 29th 2010 @ 2:12PM

If it helps anyone, I read yesterday that if you want to know where the housing market will bottom out to look at the value of your home in 1998 and that's an excellent measure of it's true value.

by SSol - December 29th 2010 @ 2:46PM

@Judy:
I'm sorry, but gas prices are going up because of inflation, period. The Fed has been printing money with only our "trustworthy name" to back it up. In order to bring back that funny money to destroy it they will either raise interest rates or consumer prices will inflate...or even both. That's why everyone's screaming to stop the spending! Check out the Weimar Republic in Germany after WWI...we resemble this.

by Caryn - December 29th 2010 @ 2:29PM

We had no problem selling our 2 1/2 year old house in Lexington, ky. We actually got $3000 over the asking price. House sold so fast, we are in a condo while they finish building our new house.(something we did not expect to have to do!)I guess we got lucky, or maybe the market is not as bad a some would have you beleive.

by jwosr98 - December 29th 2010 @ 3:34PM

The Sneaky government in New Jersey re evaluated everyone just before the prices dropped and they knew it was coming.I just love our government

by Lon Horiuchi V - December 29th 2010 @ 10:06PM

BOYCOTT HOLLYWOOD! ... Stop paying mortgages for the TRIBESMEN of THE BUSINESS. ... 98% of Beverly Hills and just about that for the surrounding SoCal areas like Santa Monica, Dana Point, Malibu, hilltop and beachfront and exclusive places all over; Miami Beach, Manhattan, Greenwich and such locales are not Gentile-owned. 98% of America is Gentile but due to bigoted, discriminatory, protectionist, illegal hiring and contracting practices, only 2% of Gentiles live in such places. ... Media credits, bylines, executives, stars, and so on read like Schindler's List. Gene Simmons said labor is what Gentiles are for. Rosenthal didn't shoot the original Iwo Jima flag raising; a Gentile did and it was suppressed by Jewish controlled media. The little girl from Texas starring in the new True Grit movie is, guess what? She's the same as the little girl in the Pepsi commercial a few years back. The same as the kid in The Witness, and those in Back to the Future's train. It's all over the place; just open your eyes and LOOK at it. The same as Shia LeBeouf and Harrison Ford. The same as most who get the protected big money jobs due to discrimination and illegal practices that go unpunished. ... Madison Ave, Wall St, Lankershim Blvd, Hollywood Blvd, Santa Monica Blvd. Where do YOU live, Gentile? How are YOUR payments going, and to whom? Who is in the lending business? ... DEMAND FAIR HIRING AND CONTRACTING PRACTICES UNDER THE FULL FORCE OF THE LAW! Start paying attention to the credits and by-lines and Big Wig names. Are they berg, stein, man, green, silver, gold, wicz, au, ler, vich, tz, ner, stern, mer, gal, hen, or etc? Where's all the $$$ going? BOYCOTT ... Wait for FREE TV, FREE RADIO, and get the story from the net. STOP PAYING admission, subscription, and etc. ... Don't reward them for excluding you and hoarding wealth within their protectionist racket. ... BOYCOTT!!! ... Don't give them one more red cent until their discriminatory, prejudiced, bigoted, self-serving hiring and contracting practices CEASE. ... BOYCOTT ... Get it for FREE ...

by Tube Radio - December 29th 2010 @ 6:11PM

My garage is now worth more than my house. NAR has announced that in 2011 they will be listing *Tool Sheds* as living space.

by Dennis - December 29th 2010 @ 6:47PM

Why, the price of housing should be going up, with all those jobs Obama has created and the economy recovered the way it has.

by Bob Foyut - December 29th 2010 @ 9:25PM

Get real! Obama doesn’t create jobs. The best he can do, with the help of congress, is to create an environment for job growth. Jobs are created by big business, big business controls the republicans, they don’t want Obama to succeed, ergo they won’t hire.

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by leon - December 29th 2010 @ 9:25PM

I am not worried at all. My place is paid for ( no mortgage). I may not have that million dollar house but I got a place that I call home and can see the stars at night. Electric lights in the outhouse, wood heat in the house along with telephone and internet service. Life is good.

by Dianne - December 29th 2010 @ 10:36PM

Good for you, that's what everyone should be aiming for.

by Bruce - December 30th 2010 @ 12:20PM

The big effin O strikes again. Everyone waitng for yet another free cheese incentive from the big O. Like the auto companies did years ago with cash back and zero financing, people are gona sit and wait til the big O panics again for his re-elction he'll be giving away all kinds of free cheese for votes. Keep working on that hope and change crap.

by capurrok - December 30th 2010 @ 1:27AM

I check title all day long, what I see is about 80-85% of people in foreclosure have used their homes like ATM machines, many original purchass that were 80-150k were refinanced many times to buy cars, boats, and luxuries that they could not afford and the people either can not make their payments on the now 400-600k loans that they now have and in many cases chose the stratagy of walking away as our great administration has removed tax and deficiency on the unpaid debt, we have protected and created work outs for the credit abuse that has cost the 90% of us a loss in value who live within our means and make our payments, each person should apply for a work out and be subject to a full audit and review, luxury cars and assets that are free and clear should be sold and that money recovered should be applied to the loan prior to qualifying for any assistance, at this time the free and clear Mercedes with no lien holder is theirs tax free, we also need them to work with the bank and keep the house in a condition that helps the lender get the maximum rather than strip, damage and hold the bank hostage while these poor victims live for free for 1-2 years while the rest of us pay our bills. I can give a typical example of a property in chula vista, the person owed 925,000.00
he got his work out and 450,000 was set aside and the remaining bal. was reset to 2% interest so his new payments are 1400.00 per month to live in a 4,000 ft. home, no person should get a work out that owes more than the median price, why should so many people live in 300-400k homes pay for people to live in luxury when the people that live in 300-400 had the disceplin to live within their means and not buy more expensive homes.
the fair soloution would of been cut every mortgage 2% for 1 year, anyone that could not pay looses home.

by terry - December 30th 2010 @ 2:42AM

I JUST CANT WAIT FOR THE MASSIVE LAY OFFS IN CA. FROM ALL THESE UNIONS THAT WE CANT PAY ANYMORE,EVEN IF THERE WAS KNOW HOUSING PROBLEM WE HAVE A OIL PROBLEM THAT WILL NEVER STOP TILL WE START DRILLING ,AND USING ALTERNET SORCES, WASHINGTON WANTS TO SAVE THIS OR THAT BUT THERE KILLING MOST AMERICANS,WHILE THERE GETTING RICHER.MY HOUSE WAS PAID FOR WHEN I TURNED 49 I PAID IT OFF LIKE THE OTHER ONE. I JUST ALWAYS SAVED , I DONT DRINK OR SMOKE OR TAKE DOPE, AND LOVE TO HELP PEOPLE THAT NEED HELP, BUT I SURE WONT GIVE THEM MONEY UNLESS I USE IT ON WHAT NEEDS TO BE FIXED FOR THEM I LOST ALOT OF GOOD FREINDS THAT HAD THERE OWEN BUSINESS TO ILLEAGALS IT TAKES TIME BUT OUR HOUSES ARE GOING DOWN

by LWB - December 30th 2010 @ 8:15AM

The headline for this story is only half right. In all transactions there is a seller and buyer. Explain how falling prices are bad for buyers? Fully one half of the participatants in real estate transactions are doing very well. This is just the free market at work. Your house is worth what some one will pay for it.

20 Comments / 1 Pages