Homeowners continue to see the value of their houses drop. The problem is much worse in some markets than others. S&P Case-Shiller released its data for April. The 10- and 20-City Composites fell 3.1% and 4.0% respectively from April a year ago.
The drop in home prices in Minneapolis was brutal–down 11.1% year-over-year. The figure for Portland was 9.2%. For Phoenix 8.8%. For Chicago 8.6%. And, for Tampa 7.7%
The most disturbing aspect of the numbers is that the most troubled cities are not clustered in one part of the country. The weakness in housing prices remains widespread.
Douglas A. McIntyre