The Case Shiller Home Price Index results for March 2009 have been reported. In most of the 20 cities in the index steep prices continue. On a year over year basis (YoY) the price declines have been dramatic in many major metropolitan areas:
- Chicago: -18.6%
- Detroit: -25.7%
- Miami: -28.7%
- San Francisco: -30.1%
- Seattle: -16.1 %
- Phoenix: -36%
"The Case-Shiller 20-city index dropped 18.7% year-over-year, also a record. It fell 18.5% during the last three months of 2008. This index has plummeted 32.2% from its July 2006 peak and has fallen 32 straight months. CNN Money"
In Washington, DC prices are down 18.4% from March 2008 till March 2009; and from peak price, prices are down 33.8%. Expect further prices declines during 2009 in the Washington metropolitan area especially since mortgage rate are rising. It is likely that nominal price declines will be another 5 - 15% in most parts of the Washington, DC area. The peak price in the Case Shiller Home Price Index for the Washington, DC metro area was 251.07 in May 2006. Currently, it is at 166.01. It is likely that the nominal bottom will be between 141 - 151.
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