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My story today on the latest S&P Case-Shiller 20-city home price index suggests that year-over-year home price drops in Miami, Phoenix, Las Vegas, San Diego, and other battered markets were leveling off in November.
That’s not all that encouraging since prices are dropping more than 30% in many of those markets. But sales are up as buyers take advantage of falling home prices and really low interest rates.
In Palm Beach County, where home prices have been tumbling faster than almost anywhere in the nation, prices dropped less than 1% in December from the previous month, the Palm Beach Post’s Real Time blog points out.
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.