New York’s slightly up. Los Angeles is down. And home sellers across the country have little to cheer about.
Of the 25 metropolitan areas included in the new “RPX Monthly Housing Market Report” for September 2007, 18 markets showed price declines compared to a year ago. Another two markets were flat.
The report published Nov. 30 by Radar Logic, a New York-based property and data analytics firm indicates that the West Coast, which had some of the biggest price gains during the housing boom, was getting hammered. The price per square foot in Sacramento was $201 in September, down nearly 15% from September 2006.
Five markets were up compared to a year ago: Milwaukee, Charlotte, Seattle, New York and Philadelphia.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.