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The latest Case-Shiller price index report finds that home prices dropped 18 percent in the 12 months leading up to October, a price level not seen since March of 2004, according to recent reports.
The report examined prices in 20 major U.S. cities and found that prices had dropped by 2.2 percent in October, with 14 of these cities showing record rates of declines and 14 showing declines of greater than 10 percent year over year, MarketWatch reported on Tuesday.
The news organization noted that Phoenix had posted the largest drop in value at 32.7 percent, followed closely by Las Vegas as 31.7 percent and San Francisco at 31 percent.
The New York Times noted that home prices have now fallen consistently since January of 2007, adding that six of the cities had shown record rates of decline in the month of October.
"It's just been an absolute downward trajectory," Michael Darda of MKM Partners was quoted as saying.
So far, prospects appear to be limited for a quick recovery in 2009. Much of the current real estate drop is due to the large number of foreclosed properties nationwide, as well as a backlog of unsold houses that are unlikely to begin moving soon in the current credit environment.
Home prices plunged in '08
The latest Case-Shiller price index report finds that home prices dropped 18 percent in the 12 months leading up to October, a price level not seen since March of 2004, according to recent reports. The report examined prices in 20 major U.S. cities and found that prices had dropped by 2.2 percent in October, with 14 of these cities showing record rates of declines and 14 showing declines of greater than 10 percent year over year, MarketWatch reported on Tuesday.
The news organization noted that Phoenix had posted the largest drop in value at 32.7 percent, followed closely by Las Vegas as 31.7 percent and San Francisco at 31 percent.
The New York Times noted that home prices have now fallen consistently since January of 2007, adding that six of the cities had shown record rates of decline in the month of October.
"It's just been an absolute downward trajectory," Michael Darda of MKM Partners was quoted as saying.
So far, prospects appear to be limited for a quick recovery in 2009. Much of the current real estate drop is due to the large number of foreclosed properties nationwide, as well as a backlog of unsold houses that are unlikely to begin moving soon in the current credit environment.
