Denver Fares Best Amongst 20 U.S. Cities In National Survey

Posted by TheHomeCart.com on Thursday, May 28th, 2009 at 12:28am.

According to the S&P/Case-Shiller® Home Price Indices, Denver fared the best among 20 U.S. cities. The 20-City Composites recorded annual declines of 18.7%. This is a slight improvement from the return reported for February.

“Declines in residential real estate continued at a steady pace into March,” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s. “All 20 metro areas are still showing negative annual rates of change in average home prices with nine of the metro areas having record annual declines. Seventeen metro areas recorded a monthly decline in March, with Minneapolis, Detroit and New York posting record monthly declines. On a positive note, nine of MSAs are reporting a relative improvement in year-over-year returns and nine of the 20 metro areas saw an improvement in their monthly returns compared to February. Furthermore, this is the second month since October 2007 where the 10- and 20-City Composites did not post a record annual decline. Based on the March data, however, we see no evidence that that a recovery in home prices has begun.”

Denver, Dallas and Boston continue to fare the best in terms of annual declines down 5.5%, 5.6% and 8.0%, respectively.

These three Sunbelt areas fared much worse on an annual basis:

Phoenix down 36.0%,
Las Vegas declined 31.2%
San Francisco fell 30.1%

For more information see the DenverPost.com's report, S&P/Case-Shiller® Home Price Indices press release and their prior reports.

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