May home prices dropped a record 15.8% from a year ago, according to the S&P/Case-Shiller Home Price Index of 20 cities. It was the 22nd consecutive month of decline recorded by the index… The current price decline streak has been unprecedented in both length and depth.
The most bubblicious areas saw the biggest price declines year-over-year in May, including Las Vegas (-28%), Miami (-28%), Phoenix (-26%), Los Angeles (-24%), San Diego (-23%).
S&P doesn’t track Bend in their indexes but, according to the Bratton Report, Bend ranks right up there with a 23% decline from May 2007. You know what they say, “the bigger they come…”
Home prices drop record 15.8%
July 29, 2008