Home prices in 20 major U.S. cities were down 6.1% on average in the past year as of October, according to the Case-Shiller price index released Wednesday by Standard & Poor’s.
Since October 2006, prices in 10 cities fell 6.7% — a record drop. The prior largest decline was 6.3% in April 1991.
. . . Miami sustained the largest drop over the past year, with a decline of 12.4%. Next came: Tampa, with a drop of 11.8%, Detroit with a drop of 11.2%, and San Diego with a drop of 11.1%.
This is only the beginning.
By the way, does this price drop take into account 4% inflation? If not the real decline was quite a bit greater.