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[...] the usual cheery housing market-related news, the S&P HousingViews blog reports that Atlanta, Las Vegas, and Phoenix have all hit new post-bubble lows. All three cities are close to or below January 2000 levels. Let’s do the time warp [...]
Three markets hit new lows in September
Data through September 2011 showed that Atlanta, Las Vegas and Phoenix all hit new post-bubble lows; and all three are close to, if not below, January 2000 levels.
At 95.99, Atlanta’s index level is indicating that home prices are back to their May 1999 levels. Las Vegas, at 93.80, is back to February 1998; and Phoenix, with 100.22, is about at January 2000 levels.
The 1.4% September monthly decline in Las Vegas has resulted in home prices now being down 60.0% from their August 2006 peak. Phoenix, down 55.9%, and Miami, down 50.2%, are the other two cities where home prices have fallen more then 50% from their relative peaks.
S&P/Case-Shiller Home Price Indices. Sources: S&P Indices and Fiserv.