Earlier this week, the December Case-Shiller report appeared. It was greeted with very minimal internet-fuss, probably because it was fairly blah.
Overall, house prices dropped by about 2.4%, which is about what was predicted given the holiday season and the rough wintry weather.
Of the 20 cities included in the Case-Shiller Index, only Washington DC saw an increase in prices. It was a tiny increase of .3%, but it is still significant because it’s part of DC’s consistent appreciation trend – overall, prices of homes in DC have increased 4.1% in the past year.
Homes inTampa, FL saw the most dramatic drop – 2.6%. But perhaps the most disturbing news is the fact that homes in Las Vegas and Cleveland are now cheaper than they were in the year 2000. The only other city for which thsi holds true is Detroit. (But here’s hoping that the new RoboCop statue does good things for the Detroir housing market?)