Yeah, I know some of you may have seen 6.1% instead, but that is not really correct. All the news articles seem to be focusing on the S&P Case-Shiller Composite 20 Index which consists of 20 large metropolitan areas. That index dropped 6.1% between October 2006 and October 2007. However in that same report S&P publishes the Case-Shiller Composite Index which includes all real estate in the country. That index dropped 6.7% between October 2006 and October 2007. And what nobody is talking about is that November was much much worse than October, so 6.7% is probably an understatement.
Some of the largest drops:
Miami -12.4%
Tampa -11.8%
Detroit -11.2%
San Diego -11.1%
Las Vegas -10.7%
Phoenix -10.6%
Los Angeles -8.8%
Washington -7.0%
San Francisco -6.2%
My own Atlanta area dropped only 0.7%. Charlotte, Portland and Seattle actually posted gains.
A picture's worth a thousand words, so here's a graph for ya...
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