Case-Shiller released numbers today for December 2008 and showed another record year over year decline. The December 2008 20-city index dropped 18.5% year over year, up from 18.2% in November.
"There are very few, if any, pockets of turnaround that one can see in the data," said David Blitzer, chairman of the index committee at Standard & Poor's.
"Most of the nation appears to remain on a downward path, with all of the 20 metro areas reporting annual declines, and eight of those now with negative rates exceeding 20%," he said.
Phoenix continues to lead the way with a 34% year over year price decline. Las Vegas is second with 33% and San Francisco is third at 31%. In Phoenix, the total price decline from our peak in June of 2006 is 45.5% (!).
It is important to remember this data lags two months behind, so doesn't give us a good picture of where we are today. But it does show the carnage of the last two years in Phoenix metro. The full release with some cliff-like charts can be seen here (pdf). Calculated Risk has additional charts and analysis here.
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