The city by city numbers reveal three new lows and the largest peak to trough decline seen so far at 60% in Las Vegas. Phoenix down 55.9% and Miami down 51.2% are both close behind. Atlanta, the third city along with Las Vegas and Phoenix to see new lows this time is only about 30% below its peak. The biggest losses peak to trough remain concentrated in the same areas — Florida, the South West and California plus Detroit. The table shows these in the column labeled Peak to trough Declines to Date.
On the brighter side, three cities are holding on to double digit recoveries from their low points. Washington DC is no surprise as it has been one of the strongest cities for several months. San Francisco seems to be almost everyone’s idea of a great place to live while the unexpected rebound is Detroit where prices are now 13.5% above the low set last April. This comes despite continued high foreclosure activity in Michigan. Among the possible factors are some recovery in the automobile industry and a decline in population in the Detroit area. Miami remains the city with the highest peak and relatively high prices compared to their level in January 2000. Washington is the city with the largest price gain in 11 years — 65% compared to the Composite-20 series where prices are up 38% in the same time period.