HREU Students here is the promised city-by-city break down of the Case-Shiller home-price index.

The S&P/Case-Shiller home-price index, a closely watched gauge of U.S. home prices, continued to post declines in February but the pace stopped setting records after 16 consecutive months.
Click the image for an interactive map of home-price declines.

In the 20-city index, no area experienced year-over-year price gains, the eleventh straight month that has happened. Further, none of the cities managed to avoid month-to-month declines for the fifth month in a row.

Phoenix, Las Vegas and San Francisco continued to lead year-over-year decliners, with drops over 30%. Cleveland posted a large month-to-month drop, as the rate of decline accelerated there. The rates of decline also accelerated in Charlotte, New York and Washington.

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Dallas, Denver, Cleveland, Boston and Charlotte managed to avoid double-digit year-over-year declines, while New York moved posted a year-to-year drop over 10% for the first time. Measuring from each market’s peak, Dallas has suffered the least, down 11.1% from its peak in June 2007; while Phoenix is down 50.8% from its peak in June of 2006. All of the 20 metro areas are in double digit declines from their peaks, with seven — Detroit, Las Vegas, Los Angeles, Miami, Phoenix, San Francisco and San Diego — in excess of 40%.

“We continue to believe that it is unlikely that we are anywhere near a bottom in nationwide home prices,” said economist Joshua Shapiro of MFR Inc. “After all, in the seven years leading up to the peak in July 2006, the national 20 city home price index jumped by 155% (126 index points). So far, this index has dropped by 31% (63 index points) in the 30 months since the peak. By our estimation, the composite 20 city index is perhaps two-thirds of the way through its ultimate total decline in this cycle.”

Home Prices, by Metro Area

Metro Area	February 2009	Change from January	Year-over-year change
Atlanta	106.65	-2.50%	-15.30%
Boston	148.77	-1.30%	-7.20%
Charlotte	118.94	-1.60%	-9.40%
Chicago	126.3	-3.40%	-17.60%
Cleveland	97.76	-5.00%	-8.50%
Dallas	112.39	-0.30%	-4.50%
Denver	120.22	-1.70%	-5.70%
Detroit	74.6	-3.80%	-23.60%
Las Vegas	121.06	-3.60%	-31.70%
Los Angeles	163.16	-2.00%	-24.10%
Miami	154.28	-3.00%	-29.50%
Minneapolis	116.39	-3.10%	-20.30%
New York	178.16	-1.60%	-10.20%
Phoenix	111.89	-4.50%	-35.20%
Portland	150.88	-1.90%	-14.40%
San Diego	146.82	-1.00%	-22.90%
San Francisco	120.39	-3.30%	-31.00%
Seattle	152.12	-1.50%	-15.40%
Tampa	145.25	-2.70%	-23.00%
Washington	168.02	-2.30%

-19.20%

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