US Property Prices Still on a Downward Spiral

Doom, gloom and further drops in house values about sums up the latest report from the S&P/Case-Shiller index which tracks home prices in 20 key American markets

Home prices dropped 16% in May from May 2007 – with a decline of 23% since the peak in July 2006. On a month-by-month basis, prices dropped by 0.9% Not all the data were negative. Of the 20 markets tracked, house prices rose in 7. But many economists are saying that the housing market has yet to bottom out because home supply still outstrips demand in some areas of the country. As usual, the previous hot-spots Las Vegas and Miami saw the largest declines – over 28% down from last year.

Nearly time to buy that luxury condo in Miami or Las Vegas you’ve been promising yourself