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2012-03-15 12:18:23
Case-Shiller: Home Prices Hit New Lows In December
According to S&P/Case Shiller U.S. home prices reached a new low in December 2011. The twenty largest U.S. markets experienced a 4.0% decline compared to December 2010, and a 1.1% decline from November 2011.
 
Portland also fell 4.0% from December 2010 to December 2011, but declined only 0.4% from November 2011 to December 2011. Seasonally adjusted data showed slightly better results, with Portland rising 0.1% from November to December on an adjusted basis.

Portland is still ahead of the other major West Coast cities. Seattle fell 5.6% from December 2010 to December 2011, and the three major California markets each declined between 5.2-5.4%.


Since the 2006 housing peak home prices have fallen 33.8% in the twenty largest U.S. cities. Portland has declined 28.8% from our July 2007 peak, bringing home prices to the levels of September 2004.
 
“After a prior three years of accelerated decline, the past two years has been a story of a housing market that is bottoming out but has not yet stabilized,” said David Blitzer, Chairman of the Index committee at S&P Indices.
 
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