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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.
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.