New York Market More Resilient

Posted by Perry Roth on February 24, 2009, 3:35 pm

According to a recent article by CNN Money, U.S. home prices declined at a record pace around the nation in the final three months of 2008.

The S&P Case-Shiller National Home Price Index reported that prices fell by a record 18.2% during the last three months of 2008, compared with the same period last year.

All 20 metro areas in the 20-city index recorded declines, with home prices falling more than 20% in eight of those cities. National home prices have dropped 26.7% since they peaked during the second quarter of 2006.

But New York held up the best of the three largest housing markets, only dipping 9.2%, compared to a massive 26.4% for Los Angeles and a 14.3% decline for Chicago. In the meantime, the housing markets in Phoenix, Las Vegas, and San Francisco all fell by more than 30%.

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