Home prices continued downward in February, reaching new lows in the rate of annual decline, according to the Standard & Poor's Case-Shiller Home Price Indices.
The index for the original 10 cities in the survey, released this morning, posted a 13.6% decline from February, 2007, to 190.58, meaning that the value-weighted average of homes sold during the period were priced 90.58% higher than the average in January, 2000. It was off 2.8% from January and down 23.3% from the 248.46 posted by the 10-city index in February, 2006.
The 20-city index, which includes several smaller markets, fell 12.7% to175.94 on a year-to-year basis, a drop of 2.6% from January. That index is off a total of 20% from its level of 220.0 in February, 2006.
Among markets, the worst drops were felt in Las Vegas, off 22.8% year-over-year and 4.8% from January; Miami, down 21.7% and 3.0%; and Phoenix, down 20.8% and 4.1%. California continued to be hit hard, with Los Angeles down 19.4% from February, 2007 and 4.3% from January this year; San Diego off 19.2% and 3.6%; and San Francisco off 17.2% and 5%.
Tampa continued its slide, off 17.5% and 3.1% on an annual and sequential basis respectively. Washington D.C., which based on the index is third among cities with the highest appreciation since 2000, was down 13% and 2.7%.
In the Midwest, Chicago was down 8.5% and 2.0%, annually and sequentially, respectively; Cleveland was off 9.2% and 1.5%; Minneapolis was down 12.5% and 3.5%; and Detroit, which fell into negative equity since 2000 with an index of 97.61, was off 16.5% and 2.6%.
New York dropped 6.6% from last year and 1.0% from January; Boston was off 4.6% from February 2007 and down 1.4% from January this year. Portland was off 2.0% and 1.4%; Seattle was down 2.7% and 1.0%. Denver was down 5.5% and 1.1%, respectively, and Dallas was off 4.1% and 0.7%.
"There is no sign of a bottom in the numbers," said David M. Blitzer, Chairman of the Index Committee at Standard & Poor's. "Prices of single family homes continue to drop across the nation. The monthly data show that every one of the MSAs has now declined every month since September 2007, marking six consecutive months."
Learn more about markets featured in this article: Los Angeles, CA.