I’m just running out to show property but before I go, in it’s entirety, is a article on the latest Case/Shiller report. The same three cities kept their heads above zero but we have to keep the latest RMLS figures as a gut check to what is on the surface good news for Portland.
NEW YORK (Dow Jones) — A closely watched gauge of U.S. home prices showed broad-based declines in the prices of existing single family homes, marking 2007 as a full year of declining home prices.
Home prices in 10 major metropolitan areas in the fourth quarter were down 8.9% from a year earlier, according to the S&P/Case-Shiller home-price indexes, released Tuesday by credit-rating firm Standard & Poor’s. That was largest decline in the measure’s 20-year history.
“Wherever you look things look bleak, with 17 of the 20 metro areas reporting annual declines and the remaining three reporting flat or moderate growth rates,” said Robert J. Shiller, professor at Yale University and chief economist at MacroMarkets LLC. Shiller added 14 of the metro areas also are reporting record declines, with eight being in double digits.
Miami remains the hardest hit of the major cities, posting an 18% annual decline. Las Vegas, Phoenix and San Diego all experienced price drops of 15%.
Charlotte; Portland, Ore.; and Seattle are the only three metro areas measured by the index still not seeing year-over-year price declines.
The 10-City composite also set a new record, falling 9.8% in 2007; the 20-city index fell 9.1%.