TAMPA - Tampa and seven other major metropolitan areas hit new lows for home price in November. Prices are at their lowest levels since prices peaked in 2006.
Home prices in the Tampa-St. Petersburg-Clearwater metropolitan area fell 0.8 percent from the previous month and 4.0 percent from the same period a year ago, according to Standard & Poor's Case-Shiller, 20-city home price index, released Tuesday.
That follows October's "new low" for the area, when prices fell 0.9 percent from the previous month and 3.6 percent from the same period a year ago.
Atlanta, Charlotte, N.C., Las Vegas, Miami, Portland, Ore., Seattle and Detroit also hit new low. Detroit saw the largest drop at 2.7 percent from the previous month.
Overall, the 20-city home price index fell 1 percent in November from October. All but one city, San Diego, recorded monthly price declines. Four of the major metros - Los Angeles, San Diego, San Francisco and Washington, D.C. - showed yearly gains.
"With these numbers, more analysts will be calling for a double-dip in home prices," said David Blitzer, chairman of S&P's Index Committee.
The data is not surprising. Economists have said the end of the year remained sluggish for real estate.
Millions of foreclosures nationwide continued to force prices down. Some buyers still held off, waiting for prices to bottom.
Many analysts expect Tampa area home prices to keep falling through the first half of the year and bottom during the third quarter
Home prices in the Tampa-St. Petersburg-Clearwater metropolitan area fell 0.8 percent from the previous month and 4.0 percent from the same period a year ago, according to Standard & Poor's Case-Shiller, 20-city home price index, released Tuesday.
That follows October's "new low" for the area, when prices fell 0.9 percent from the previous month and 3.6 percent from the same period a year ago.
Atlanta, Charlotte, N.C., Las Vegas, Miami, Portland, Ore., Seattle and Detroit also hit new low. Detroit saw the largest drop at 2.7 percent from the previous month.
Overall, the 20-city home price index fell 1 percent in November from October. All but one city, San Diego, recorded monthly price declines. Four of the major metros - Los Angeles, San Diego, San Francisco and Washington, D.C. - showed yearly gains.
"With these numbers, more analysts will be calling for a double-dip in home prices," said David Blitzer, chairman of S&P's Index Committee.
The data is not surprising. Economists have said the end of the year remained sluggish for real estate.
Millions of foreclosures nationwide continued to force prices down. Some buyers still held off, waiting for prices to bottom.
Many analysts expect Tampa area home prices to keep falling through the first half of the year and bottom during the third quarter
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.