Home Prices Drop Locally and Nationwide

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By
Muhammed El-Hasan
on December 30, 2008 6:36 PM | | Comments (0) |

Area home prices slide again

Homes in the Los Angeles metro area saw prices drop 27.9 percent in October, compared to a year earlier, according to a respected national survey released Tuesday.

The Los Angeles area price drop came amid steep declines in other major metro areas nationwide, according to the Standard & Poor's S&P/Case-Shiller Home Price Indices.

The study's 20-city survey showed a record annual price decline of 18 percent for October. The 20-city composite is down 23.4 percent since its peak in mid-2006.

"The bear market continues; home prices are back to their March 2004 levels," David M. Blitzer, chairman of the Index Committee at Standard & Poor's, said in a release.


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About Biz Waves

Biz Waves is a one-stop Web hub for business news and content from the South Bay region of Los Angeles County and beyond.

The primary contributor is:

Muhammed El-Hasan, a business reporter at the Daily Breeze since 2000, covers aerospace and everything else about business in the South Bay. Muhammed previously reported at the San Bernardino Sun and the community news division of The Orange County Register. He also worked as a researcher in the Jerusalem bureau of the Los Angeles Times in 1996-97. But his career highlight as a young man was driving a forklift at a Gardena company near Hawthorne, where he grew up.

You can email Muhammed at muhammad.el-hasan@dailybreeze.com

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