S&P/Case-Shiller May 20-City Home-Prices Fall 15.8%

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The S&P/Case-Shiller home-price index dropped 15.8 percent from a year earlier, the biggest decline since records began in 2001, after decreasing 15.2 percent in April. The gauge has fallen every month since January 2007.

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For the second consecutive month, all of the 20 cities in the index showed a year-over-year decrease in prices for May, led by 28 percent slumps in Las Vegas and Miami.

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The areas that once boomed, such as Miami and Las Vegas, are now showing the biggest declines, he said. Areas in the Midwest, including Detroit and Cleveland, are showing signs of economic stress.

Source: http://www.bloomberg.com/apps/news?pid=206...&refer=home

The Data: http://www2.standardandpoors.com/spf/pdf/i...tory_072943.xls

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From the original data, the breakdown by metro area. This is the price drop from May 2007 to May 2008:

Phoenix - 26.5%

Los Angeles - 24.6%

San Diego - 23.2%

San Francisco - 22.9%

Denver - 4.8%

Washington DC - 15.4%

Miami - 28.3%

Tampa - 20.2%

Atlanta - 7.9%

Chicago - 9.5%

Boston - 6.2%

Detroit - 17.4%

Minneapolis - 14.8%

Charlotte - 0.2%

Las Vegas - 28.4%

New York - 7.9%

Cleveland - 8.0%

Portland - 5.2%

Dallas - 3.1%

Seattle - 6.3%

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