Home prices by metro area

MSN Money Staff


Home prices across the country fell 4.8% in the second quarter, compared with the second quarter of 2007 -- a record drop, according to a government report released today.

The report by the Office of Federal Housing Enterprise Oversight, or OFHEO, includes sales of existing homes and refinances but not new-home sales or so-called jumbo loans, leaving out many of the riskiest mortgages. Previously, the biggest year-over-year drop was 3%, in the first quarter of this year.

Prices fell 1.4% from the first quarter of 2008 to the second, not as bad as the previous quarter's 1.7% drop.
The largest declines were in the states where prices had risen highest and overbuilding had been concentrated during the 2003-07 real-estate boom. In California, which had the biggest declines, prices fell 6.9% year over year and 15.8% between the first and second quarter of this year. In Nevada, prices were down 5.6% from a year ago and 14.1% from the first quarter. Florida prices were off 5.3% from last year and 12.4% from the previous quarter.

Prices also fell year over year in Rhode Island (3.3%), Michigan (2.9%), Maryland (2.2%) and Massachusetts (2.3%).

The states with the greatest year-over-year appreciation were Oklahoma (4.9%), Wyoming (4.4%), South Dakota (3.8%), North Carolina (3.6%) and North Dakota (3.6%).

In 208 of the 292 metropolitan areas tracked by the OFHEO, prices dropped at least somewhat in the second quarter.

The metro areas with the biggest price decreases were in California (Merced, Stockton, Modesto, Salinas, Vallejo, San Bernardino-Ontario, Bakersfield and Fresno), Florida (Naples, Port St. Lucie, Cape Coral-Fort Myers, Fort Lauderdale and Bradenton-Sarasota) and Nevada (Las Vegas).

Those are cities where values increased enormously in the boom.

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" You've Been Thunder Struck ! "

I refinanced my 2nd mortgage 3 months ago and was pleasantly surprised with the drive by appraisal...I will gladly take 5% in these times

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Dr. Spaceman: Now Jenna, medically speaking for your height your weight puts you what we call the "disgusting" range. Fortunately there are solutions. For example, crystal meth has been shown to be very effective. How important is tooth retention to you?

Yes the market is doing fine here at a steady pace.

I figured we'd do fine here. Really, I always thought it was pretty ridiculous how expensive homes had gotten in parts of California.