The pounding continues in the housing market. The standard and poor's case schiller US. home price index fell 15.4% in the second quarter compared to last year. The decline was the largerst in 20 years for the index which covers the entire U.S.
Los Angeles and Orange County home prices were down 25.3% in June of 2008 compared to prices in June of 2007. The cities with the worst declines were Las Vegas and Miami at over 28% each. Phoenix Arizona was just under 28% at 27.9% from the previous June of 2007.
The thing that caught my attention was that every city in the index posted a decline except Charlotte, NC whose drop was only 1%. Maybe that is the best place to invest? I know of a few people who bought investment properties in that area a while back.
Both Charlotte and Dallas have actually posted price increases over the past few months! That is some positive news for realtors and mortgage brokers in those areas for sure.
What are your thoughts on this? When do you think things will hit bottom or have they?
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