Home prices post record 18% drop »
Posted By ybdogsct 1 year ago in Business & FinanceHome prices posted another record decline in October, falling 18% compared with a year earlier. Sunbelt cities suffered the most, but most of the country is watching home values fall. In Phoenix prices have plunged 32.7% since October 2007, Las Vegas home values are down 31.7% year-over-year, while San Francisco prices fell 31%. Miami, Los Angeles and San Diego recorded year-over-year declines of 29%, 27.9% and 26.7%, respectively.
October was really the first month to feel the full brunt of the credit crunch. In October alone, nearly 85,000 people lost their homes to foreclosure, adding vacant inventory to an already overburdened market. Home sellers should not expect prices to improve any time soon.
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