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Declines from Peaks in Housing Show Big Disparity

by: Bespoke Investment Group August 28, 2008    

Bespoke Investment Group

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Below we highlight the percentage difference between current median home prices and the max median home prices seen in each of the twenty cities that S&P/Case-Shiller tracks.  As shown, there is quite a big difference between the worst areas and the ones that have held up the best.  Phoenix, Las Vegas, Miami and San Diego have all seen a median home price decline of more than 30% from their peaks.  Los Angeles, Detroit, San Francisco and Tampa are in the second tier of declines between -25% and -30%. 

On the flip side, Charlotte, Dallas, Denver, Portland, Seattle and Atlanta are all down less than 10% from their peaks, while New York, Chicago and Boston are just over -10%.  While the composite indices are down about 20%, there is a pretty big discrepancy in price declines depending on what area of the country you look at.

Housingpeaks

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This article has 3 comments:

  •  
    Aug 28 12:57 PM
    This article is interesting to see that declines have been mixed across the country. But it might be good to show that there have also been housing price increases acrosss the country as well as seen in the following graphic.


    www.chicagotribune.com...
    Reply
  •  
    Aug 28 12:57 PM
    I hate to say it but a 30%+ drop from the peak is great for Phoenix. The run up to the peak was driven by easy credit and now we are paying for it. If you bought in 2005-2006 or used your house as an ATM and pulled cash out during that time you are feeling the pain.

    If you are a first time home buyer your waiting is about to be rewarded.
    Reply
  •  
    Aug 28 11:15 PM
    It's hard to see New York and other northeastern markets hold out much longer. We're about to have a horrible bonus year on Wall St. NY could see another 10% decline in '09.
    Reply
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