The fire sale of American homes continues unabated, according to the latest report of the Standard & Poors’ Case-Shiller Index.
All 20 cities measured by the Case-Shiller Index reported annual declines in June, with seven cities showing price drops of more than 20 percent.
The worst losses, both for the year and for the past month, were in the former boom regions in the West and Florida.
Las Vegas lead the nation with the most severe annual decline, with values dropping 28.6 percent in the past year. Prices in Miami fell 28.3 percent, values in Phoenix dropped 27.9 percent, and in Los Angeles prices fell 25.3 percent.
The cities with the least annual declines in home value were Charlotte (-1.0 percent), Dallas (-3.2 percent), Denver (-4.7 percent), and Portland (-5.3 percent).
San Francisco led the nation with the greatest loss from May 2008 to June 2008. The cities with the biggest drop in the past month were San Francisco (-1.8 percent), Miami (-1.7 percent), Las Vegas (-1.6 percent), San Diego (-1.5 percent), and Los Angeles (-1.4 percent).
Cities showing the greatest price increases for the past month were Denver (1.5 percent), Boston (1.2 percent), Minneapolis (1.0 percent), Dallas (0.7 percent), and Cleveland (0.7 percent).
Given these catastrophic figures, we can take some small comfort in the belief that home prices must eventually stop falling.
After all, American homes can’t be worth zero.