L.A. prices down 16.5%; Miami’s bubble now bigger

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This morning’s Case-Shiller home prices report shows prices fell by 16.5% in Los Angeles over the past year -- one of the steepest levels of decline in the nation. It also shows that Los Angeles no longer has the distinction of having America’s biggest housing bubble -- that honor now goes to Miami.

More data from the report, which many analysts consider the most accurate measure of home prices because it tracks individual houses over time:

--Price declines in Los Angeles are accelerating. Prices fell 3.1% from November ’07 to December ‘07, and 3.7% from December ’07 to January ’08.

The weakest housing markets in the nation, according to the report:
1) Miami -19.3%
1) Las Vegas -19.3%
3) Phoenix -18.2%
4) San Diego -16.7%
5) Los Angeles -16.5%

Composite for 10 largest cities: -11.4%

The biggest price bubbles in America, as measured by price increases since 2000:
1) Miami 225.4
2) Los Angeles 224.4
3) Washington DC 212.8
4) New York 200.5

Thoughts? Comments? Email story tips to peter.viles@latimes.com.