Falling faster: L.A. home price declines accelerating

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Today’s Case-Shiller report on home prices in large cities shows that home price declines in Los Angeles are accelerating, as foreclosures continue to weaken the region’s housing market.

The Case-Shiller report for April shows prices in Los Angeles falling at an annual rate of 23.1%, an increase from an annual rate of decline of 21.7% in March. Nationwide, Case-Shiller’s composite of 20 large cities also shows housing price declines accelerating, now falling at a rate of 15.3% from year-earlier levels.

Bloomberg News: ‘Home prices in 20 U.S. metropolitan areas fell in April by the most on record, signaling the housing recession is far from over, a private survey showed today.’

The Case-Shiller report continues to show that the housing collapse is most severe in the west and Florida, with cities in those regions showing price declines much worse than the rest of the country. These are the markets where prices are falling fastest, according to Case-Shiller:

Las Vegas: -26.8%
Miami: -26.7%
Phoenix: -25.0%
Los Angeles: -23.1%
San Diego: -22.4%
San Francisco: -22.1%

Average of 20 large cities: -15.3%
Chicago: -9.3%
New York: -8.4%

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