Biggest Home Price Declines Ever

"The bear market continues; home prices are back to their March 2004 levels," (Is this the Bottom????)...says David M. Blitzer, chairman of the Index Committee at Standard & Poor's. "Both composite indices and 14 of the 20 metro areas are reporting new record rates of decline. As of October 2008, the 10-City Composite is down 25.0 percent from its mid-2006 peak.

Three of the metro areas have given back, on average, more than 30 percent of the value of homes since October of last year (2007). Phoenix remains the weakest market, reporting an annual decline of 32.7 percent, followed by Las Vegas, down 31.7 percent, and San Francisco down 31.0 percent. Miami, Los Angeles, and San Diego were close behind with annual declines of 29.0 percent, 27.9 percent and 26.7 percent, respectively.

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