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House Prices Back to 2002

Posted by: Chris Palmeri on April 14, 2009

In another indication this is turning out to be the real estate industry’s lost decade, home prices in some top markets such as Boston and suburban San Francisco have dropped back to 2001 levels.

The number crunchers at Integrated Asset Services released data today showing U.S. house prices have now fallen 14.4% on a year-over-year basis and 17.9 % since the height of the real estate bubble in 2006.

“We have seen no indication of a positive turn in the housing markets we track, if anything the rate of decline in some areas has increased,” said Dave McCarthy, President and CEO of Integrated Asset Services.

The IAS360 House Price Index tracks monthly changes in the median sales price of detached single-family residences across the U.S. Among the four U.S. Census regions, the Midwest is the only region not showing double-digit declines.

Six out of the ten largest metropolitan statistical areas in the U.S. have experienced double-digit declines since the economy turned down less than half a year ago (since September 2008). The worst being Boston, San Francisco, and Miami, down 20.3%, 19.3%, and 18.1% respectively. The Boston area fell 10.3% in February alone.

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Reader Comments

Paul Romanacci

April 14, 2009 3:46 PM

Once everyone has declare the sky is falling, it is time to go contrarian. There is no doubt that people who invest in real estate right now will be very happy in 10 or 15 years. This is probably the best buying opportunity we will see in our lifetime. It is the opposite from 3 years ago when everyone was suddenly a real estate investor. I feel that housing prices have fallen to where they should be. But that is just my opinion. If you would like to read more you can visit my blog at


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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.

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