Eight Major Cities Hit Record Low Home Prices

By Kyle Chezum Updated on 1/25/2011

1/25/11

The S&P / Case-Schiller composite 20-city home price index charted a 1.6% decrease in home prices between November 2009 and November 2010, a new report shows.  The drop brought home prices a full 1% lower than October 2010 levels.  Oout of 20 major metropolitan statistical areas compared, 16 saw a price decline over the year.  19 of the 20 regions saw a month-to-month decline between October 2010 and November 2010.

More notably, eight major cities hit record lows, reaching average home price levels not seen since before the bubble burst.  These cities, including Detroit, MI, Las Vegas, NV, Atlanta, GA, Charlotte, NC, Miami, FL, Seattle, WA, Portland, OR, and Tampa, FL, have seen high foreclosure levels and significant unemployment over the past several years.  Home prices in these areas have not been as low as at present since before the real estate boom.