All Top 20 US Real Estate Markets Show Year-Over-Year Declines
All 20 major US markets showed year-over-year home price declines during June. The drop was led by Minneapolis where prices fell 10.4%. Prices in Portland were off 9.6%. In Phoenix they fell 9.3%. Price fell 7.4% in Chicago, and in…
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The drop was led by Minneapolis where prices fell 10.4%. Prices in Portland were off 9.6%. In Phoenix they fell 9.3%. Price fell 7.4% in Chicago, and in Tampa where down by 7%.
The best performing market was Washington where prices were down 1.2% year-over-year in June.
S&P Cash Shiller management commented,
Data through June 2011, released today by S&P Indices for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, show that the U.S. National Home Price Index increased by 3.6% in the second quarter of 2011, after having fallen 4.1% in the first quarter of 2011. With the second quarter’s data, the National Index recovered from its first quarter low, but still posted an annual decline of 5.9% versus the second quarter of 2010. Nationally, home prices are back to their early 2003 levels. As of June 2011, 19 of the 20 MSAs covered by S&P/Case-Shiller Home Price Indices and both monthly composites were up versus May – Portland was flat. However, they were all down compared to June 2010.
Prices in June fell 6.6% in the carefully watched Detroit market which has been decimated by trouble in the auto industry. In the largest market, New York City, prices fell 3.6%
Douglas A. McIntyre
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
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TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.