And anyone who listened to a realtor on commission got slaughtered.
Home prices see record plunge
Prices of U.S. single-family homes plunged a record 16.6 percent in August from a year earlier and plummeted more than 30 percent in Las Vegas and Phoenix, Standard & Poor's said on Tuesday.
Home prices in 20 major metropolitan areas fell 1.0 percent in August from July, according to the Standard & Poor's/Case-Shiller Home Price Indices.
The composite index of 10 metropolitan areas declined 1.1 percent in August from July for a 17.7 percent year-over-year drop, also a record, S&P said in a statement.
"The downturn in residential real estate prices continued, with very few bright spots in the data," David M. Blitzer, Chairman of the Index Committee at Standard & Poor's, said in the statement.
A huge supply of unsold homes, tighter lending standards and record foreclosures have pushed down home prices, deflating a bubble from the early part of this decade.
For the fifth straight month, prices fell in every region on an annual basis, he said.
October 28, 2008
FLASH: US Home Prices plunge 16.6% from last year. Phoenix and Vegas, despite year-round-golf and pro athletes, plunge 30%
Posted by blogger at 10/28/2008