Home values in 20 large metropolitan areas across the country dropped at a record pace in October as the fallout from the financial collapse reverberated through the housing market, according to data released Tuesday.
The price of single-family homes fell 18 percent in October from a year earlier, according to the closely watched Standard & Poor’s/Case Shiller Housing Index. All 20 cities reported annual price declines in October; prices in 14 of the 20 metropolitan areas surveyed fell at a record rate as the financial crisis reached a critical point.
Washington, DC: Housing Boom & Bust. Source (NYTimes Graph).
Of course, during the past year, the percentage price declines have not been uniform across the Washington, DC metro area. Overall, in the Washington, DC metro area we are back to May 2004 prices (nominally). Inflation adjusted, prices are back even further to early 2003.