Biggest dips are in California
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Home prices in several California areas had some of the steepest drops in the nation from September 2007 to September 2008, according to First American CoreLogic’s LoanPerformance Home Price Index data released Monday.
Among the many ways to track home price changes, CoreLogic looks at repeat sales transactions in 958 of what they call Core Based Statistical Areas.
Here are the top (or bottom) 10 areas and the price declines:
Oakland-Fremont-Hayward, CA -29.07%
Riverside-San Bernardino-Ontario, CA -28.56%
Los Angeles-Long Beach-Glendale, CA -28.46%
Miami-Miami Beach-Kendall, FL -27.38%
Las Vegas-Paradise, NV -26.20%
Cape Coral-Fort Myers, FL -24.92%
San Diego-Carlsbad-San Marcos, CA -24.90%
Phoenix-Mesa-Scottsdale, AZ -24.03%
Fort Lauderdale-Pompano Beach-Deerfield Beach, FL -22.46% Orlando-Kissimmee, FL -18.24%
By comparison, September home prices dropped 11.2% nationally from a year ago and have maintained a depreciation rate of between 10% and 11% for eight months in a row, the website reported.
-- Lauren Beale
