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Housing Snapshot: Geographical Differences in Price Changes and Negative Equity

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Housing Snapshot: Geographical Differences in Price Changes and Negative Equity, Ted Gayer, Co-Director, Economic Studies – The Brookings Institution

  • “Today saw the release of two housing-related data reports, both of which indicate the persistent weakness in the housing market. S&P/Case-Shiller released its monthly home price indices, which showed that September prices (which are a three-month average of July, August, and September) were down 0.6 percent from the previous month for the 20-city composite index. Of the twenty cities comprising the index, only New York, Portland, and Washington showed (non-seasonally adjusted) price appreciation in September. Three other cities — Atlanta, Las Vegas, and Phoenix— posted new lows in September. Eighteen of the twenty cities posted negative annual changes in prices, ranging from a one-year decline of 9.8 percent for Atlanta to a one-year decline of 0.8 for Dallas. Only two cities posted an annual increase in prices: Detroit at 3.7 percent and Washington, DC, at 1.0 percent. On a seasonally adjusted basis, the Case-Shiller 20-city index has hit a new post-bubble low.”
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