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US Home Prices Continue Record Declines in April

Posted by Charlie Kilo on June 24th, 2008

CNBC: Continual Never-ending Bad Crap:

Housing prices were weakest in Las Vegas and Miami, with prices down almost 27 percent over the year in each of those markets.

The losses reverse some of the largest gains registered during the housing boom, when house prices soared more than 53 percent in Las Vegas and 32 percent in Miami in the 2004-2005 period, according to S&P.

In April, Miami and Phoenix were the worst performers, with prices falling more than 3 percent in each market, S&P said.

House prices rose in eight of the 20 metro areas in April from March.

“There might be some regional pockets of improvement, but on an annual basis the overall numbers continue to decline,” Blitzer said.

Charlotte, North Carolina, and Dallas are the only two markets that have had two consecutive months of price gains.

“It’s going to be a slow process, but the less overblown markets will stabilize first and we’re getting a hint that that’s beginning to happen,” said Pierre Ellis, senior economist at Decision Economics. “Ultimately, with a very long lag, the serious bubble markets will settle down, too, but not in a time frame that is meaningful for markets now.”

Update: Congress passes massive $300 billion foreclosure rescue bill.

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