News/Case Summaries

Home prices falling in most major US cities

April 26, 2011

Home prices are falling in most major U.S. cities, and at least 10 major markets are at their lowest point since the housing bubble burst.

The Standard & Poor's/Case-Shiller 20-city index shows price declines in 19 cities from February to January. A record number of foreclosures are forcing down home prices in most metro areas, and prices are expected to keep falling through this year.

Detroit was the only market to show a monthly gain, although the Motor City is one of five cities where home prices are now below their January 2000 levels.

Prices in Atlanta, Charlotte, Chicago, Las Vegas, Miami, New York, Phoenix, Portland, Ore., Seattle and Tampa are all at their lowest point since 2006 or 2007, at the height of the housing boom.

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