Tuesday, August 28, 2007

Los Angeles Area home prices continue down in June 2007 according to S&P/Case-Shiller Home Price Index

S&P/Case-Shiller is the only home valuation methodology I know of that is widely published and shows Los Angeles are home prices actually trending DOWN. The Los Angeles Times publishes DataQuick numbers and the L.A. Business Journal publishes HomeData numbers. Case-Shiller avoids the problems that these other two companies wade into.

According to Case-Shiller, Los Angeles area June 2007 median home prices are down -4.1% YOY, and -0.4% from May. The median home prices in San Diego, a "sister" bubble, are down -7.3% YOY, and down -0.2% from May. The median home prices in our sister bubble to the north, San Francisco, are down -4.0% YOY, and -0.7% from May.

This is a snapshot of values before the latest subprime dead bodies floated up to the surface.

You can view the press release at MacroMarkets (PDF file).


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