The Case Shiller 20 city Home Price Index fell 18.97% y/o/y — the rate of decline is the most in this cycle. Both on a y/o/y and m/o/m basis, all 20 cities saw a decline. Phoenix, Vegas, SF, Miami and LA continue to lead the drop.
The cities was the smallest y/o/y fall was Dallas, followed by Denver and Cleveland. As opposed to the FHFA HPI, Case Shiller does include homes backed by non conventional mortgages but is less geographically diverse. Due to high foreclosure rates, the cities with the biggest falls in price will likely be the first to hit bottom but that bottom hasn’t been seen yet.
January 2009 Year Over Year Prices
As of January 2009, prices have fallen back to 2003 levels . . .