The virtual collapse of US home prices continued in December, including record annual declines in the S&P/Case-Shiller Home Price Indexes released today.
The 20-city price index was down 2.1 pct for the month and recorded an
annual decline of 9.1 pct.
Washington Biz Journal reports that in the Washington area the "Case Shiller Home Price Indices report released Tuesday found price declines in the Washington area averaged 9.4 percent this past December, compared with December 2006."
The Washington, DC area is now13.3% below peak prices. Anonymous wrote that "Prices dropped 1.7% in November and another 2.5% in December - both record decreases in the last 21 years. The fact that prices are ACCELERATING downwards still is a very bad sign considering we're already 13% off the July 2006 highs." Very well put!
The declining housing market is far from over in the Washington, DC areas. Thus far outer suburbs have experienced much larger prices declines then inner part of the region. Similarly, condos have experienced larger price declines then single family residences. The housing bust is far from over in the Washington, DC area.