The S&P/Case-Shiller index of property values in 20 cities fell 3.3 percent in February from one year ago, the biggest year-over-year decline since November 2009, the group said Monday in New York. At 139.27, the gauge was just shy of the six-year low of 139.26 in April 2009, two months before the economic slump ended.
Values will probably keep falling as foreclosures swell the supply of unsold homes, which means the construction industry will take time to recover.
Home prices fell 0.2 percent in February from the prior month after adjusting for seasonal variations, an eighth consecutive decrease, the report from Case-Shiller showed. Fourteen of the 20 cities posted price declines in February from the previous month, led by Seattle and Miami.
Our neighborhoods in New York City, Brooklyn, Queens and the Bronx, are no exception. Due to high volumes of foreclosure properties, housing prices are still coming down.
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