NEW YORK, NY, Jan. 27, 2009 – Data through November 2008, released today by Standard & Poor’s for its S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, shows continued broad based declines in the prices of existing single family homes across the United States, with 11 of the 20 metro areas showing record rates of annual decline, and 14 reporting declines in excess of 10% versus November 2007.
The (top left) chart depicts the annual returns of the 10-City Composite and the 20-City Composite Home Price Indices.
"The freefall in residential real estate continued through November 2008," says David M. Blitzer, (top right photo) Chairman of the Index Committee at Standard & Poor’s.
The (middle right) chart above shows the index levels for the 10-City Composite and 20-City Composite Home Price Indices.
The (bottom left) table below summarizes the results for November 2008.
The (top left) chart depicts the annual returns of the 10-City Composite and the 20-City Composite Home Price Indices.
Following the lead of the 11 metro areas described above, the 10-City Composite matched last month’s record decline of 19.1% and the 20-City Composites set a new record, down 18.2%.
"The freefall in residential real estate continued through November 2008," says David M. Blitzer, (top right photo) Chairman of the Index Committee at Standard & Poor’s."Since August 2006, the 10-City and 20-City Composites have declined every month – a total of 28 consecutive months. Every region was down in excess of 1% for the November/October period, with eight of the regions recording record monthly declines.
Phoenix and Las Vegas were the worst performers for the month at -3.4% and -3.3%, respectively, and also have the lowest returns over the one-year period, returning -32.9% and -31.6% respectively. Overall, more than half of the metro areas had record annual declines."
The (middle right) chart above shows the index levels for the 10-City Composite and 20-City Composite Home Price Indices. It is another illustration of the magnitude of the decline in home prices over the past two years.
As of November 2008, average home prices are at similar levels to what they were in the first quarter of 2004. From their peak in mid-2006, the 10-City Composite is down 26.6% and the 20-City Composite is down 25.1%.
Monthly data also continues to show a housing market in decline. All 20 metro areas, and the two composites, posted their third consecutive monthly decline.
In addition, eight of the MSAs posted their largest monthly decline on record – Atlanta, Boston, Charlotte, Chicago, Dallas, New York, Portland and Seattle.
Although in decline over the past few years, some of these regions have out-performed on a relative basis, when compared to the national average. It is clear, however, that the decline in home prices is affecting all regions regardless of geography or employment opportunities.
Dallas and Denver faired the best in November, in terms of relative year-over-year returns. While in negative territory, their declines remained in low single digits of -3.3% and -4.3%, respectively.
It should be noted, Charlotte reported its third consecutive largest monthly decline on record, down 1.9%. Denver and Cleveland were the best reporting markets for the month returning -1.1% and -1.2%, respectively. On a relatively positive note, eight of the 20 metro areas recorded better annual returns compared to last month.
The (bottom left) table below summarizes the results for November 2008. These indices are generated and published under agreements between Standard & Poor’s and Fiserv, Inc.
For more informatio, contact:
David Blitzer, Chairman of the Index Committee,
Standard & Poor’s, 212 438 3907, david_blitzer@standardandpoors.com
Standard & Poor’s, 212 438 3907, david_blitzer@standardandpoors.com
ORLANDO, FL – Projected job losses in Orlando will contribute to an increase in vacancy and virtually flatten rent growth, but some positive trends will emerge throughout 2009, according to the 2009 National Apartment Report by Marcus & Millichap, the nation’s largest real estate investment services firm. 
ORLANDO, FL-- Shaw Mechanical Services LLC has secured a $1.8 million contract with Mark Construction Company for mechanical contracting services for additions and renovations to Sterling Park Elementary School on Eagle Circle in Casselberry, Fla.
