Despite some grim housing news from Case Shiller’s most recent National Home Price Index, Angelenos can breathe a small sigh of relief.
U.S. home prices fell an average of 3.9 percent during the last three months of 2010, back to where they were at the beginning of 2003 and near the low for the downturn set in 2009, according to the latest Standard & Poor’s/Case-Shiller National Home Price Index. Looking back a year, the index showed prices down 4.1 percent, with 18 of 20 markets tracked in the 20-city composite index losing ground and 11 reaching new lows for the downturn. Markets that have “double dipped” to new lows since peaking in 2006 and 2007 are Atlanta; Charlotte; Chicago; Detroit; Las Vegas; Miami; New York; Phoenix; Portland, Ore.; Seattle and Tampa.
But Los angeles has declined in value only .2% in the past 12 months, leading the country and making it the most stable of the 20 markets tracked in the report. San Francisco followed closely at .4% decline in value. San Diego followed at 1,7%.